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    HomeBusinessSVC Co-op Bank reports ₹160 crore net profit in FY22, up 6.65%

    SVC Co-op Bank reports ₹160 crore net profit in FY22, up 6.65%

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    Money & Banking

    The bank’s total deposits grew by 5.68 % to more than ₹18,315 crore 

    SVC Co-operative Bank reported a 6.65 per cent year-on-year (y-o-y) growth in net profit at ₹160.20 crore in FY22 as against ₹150.21 crore in FY21.

    Total advances of India’s second largest multi-state urban co-operative bank grew by 8.41 per cent y-o-y to ₹13,364.35 crore as at March-end 2022 against ₹12,327.98 crore as at March-end 2021.

    Total deposits grew by 5.68 per cent to ₹18,315.68 crore against ₹17,331.55 crore.

    The proportion of low-cost current account, savings account (CASA) deposits increased to 28.11 per cent of total deposits as at March-end 2022 against 27.20 per cent as at March-end 2021.

    Gross non-performing assets (GNPAs) position improved to 3.70 per cent of gross advances as at March-end 2022 against 3.96 per cent as at March-end 2021.

    Net non-performing assets (NNPAs) position improved to 1.83 per cent of net advances as at March-end 2022 against 2.02 per cent as at March-end 2021.

    Capital to risk-weighted assets ratio declined to 13.32 per cent as at March-end 2022 against 13.89 per cent as at March-end 2021.

    “The Bank continues its focus on small & medium enterprises business and this will be the growth engine for the bank apart from retail banking,” per SVC Bank’s statement.

    Published on June 06, 2022

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