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SVC Bank clocks record Profit of INR 150.21 Crore in FY 2020-21

Posted On: 2021-06-09 05:41:42 (Time Zone: UTC)


SVC Co-operative Bank Ltd. (SVC Bank), one of India's leading co-operative banks, today announced its financial results for the year ended March 2021. The results were approved in the meeting held with Board of Directors recently.

For the year ended 31st March 2021, SVC Bank registered a profit after tax of INR 150.21 crore as against INR 142.01 crore, a growth of 5.8% over that of last year. Total business during the year grew by 5.5% at INR 29,659.53 crore as against INR 28,108.81 crore. During the same year, total advances grew at 6.20% at INR 12,327.98 crore as against INR 11,607.97 crore. Total deposits grew by 5.03% at INR 17,331.55 crore against INR 16,500.84 crore during the previous financial year. Despite challenging and extra-ordinary times, the Bank has maintained the net NPA at 1.81%, same as last year.

Speaking on the results, Mr Durgesh S. Chandavarkar, Chairman, SVC Bank, said "We thank our customers, shareholders and employees for helping us get closer to the INR 30,000 crore total business milestone and also for increasing our profitability. We have together looked at the pandemic with both caution and positivity, effectively balancing the health and growth objectives. Our investments in operational efficiency, new product development and digital initiatives have paid off and we are confident to leverage them for a future growth momentum."

In view of the strong performance of the Bank, the Board of directors have recommended a dividend of 12% for the year, subject to approval from the Members during the Annual General Meeting.

Highlights

- CASA growth at 18.18% at INR 4,715.10 crore against INR 3,989.61 crore

- Total deposits grew by 5.03% at INR 17,331.55 crore against INR 16,500.84 crore

- Break up of total advances - Retail up by 14.51% to INR 2,076.81 crore and Corporate up by 4.66% to INR 10,251.17 crore

- Gross NPA has shown a marginal up tick at 3.96% against 3.74%

- CRAR at 13.89% as against 12.96%.

Operational highlights

- New business segments added include credit facilities for professionals and MSMEs, thrust on retail credit through gold loan, home loan, traders loans and mortgage loans. Focus on digital lead acquisition

- New Retail CASA initiatives for Individuals and Housing Societies with digitally empowered value added products

- Strict enforcement of health safety measures in bank premises and emphasis on vaccination of employees

- Digital banking - launching new products for a DIY-stay-at-home banking generation


Source: Equity Bulls

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