Business

SVC Bank clocks a record profit of INR 160.20 Crore in FY 2021-22

SVC Co-operative Bank Ltd. (SVC Bank), the 2nd Largest UCB in India, announced its financial results for the year ended March 2022. The results were approved in the meeting held with the Board of Directors. The year was headlined by the digital transformation process at the Bank. Coupled with a spirited workforce the Bank could navigate the post-pandemic economic resurgence in its key markets of presence.

For the year ended 31st March 2022, SVC Bank registered a profit after tax of INR 160.20 Cr. as against INR 150.21 Cr., a growth of 6.65% over that of last year. Total business during the year grew by 6.81% to INR 31,680.02 Cr. as against INR 29,659.53 Cr. during the previous year. Total Advances grew at 8.41% to INR 13,364.35 Cr. during the same year as against INR 12,327.98 Cr. Total Deposits grew by 5.68% to INR 18,315.68 Cr. against INR 17,331.55 Cr. during the previous financial year. The Bank has also recorded a decline in the net NPA at 1.83% compared to 2.02% during the previous year despite challenging times.

Speaking on the results, Mr Durgesh S. Chandavarkar, Chairman, SVC Bank, said
“SVC Bank aims to redefine co-operative banking and has successfully crossed INR 30,000 Cr. total business milestone, and we managed to grow our business despite all odds. We look forward to creating great customer experience through convenience while leveraging our strong relationships. We thank our customers, shareholders, and employees for helping us achieve this target and increasing our profitability. We reiterate our commitment to making a difference in people’s lives by effectively balancing the health and growth objectives. SVC Bank will always stay at the forefront in providing premium and comprehensive banking experience and operational excellence through innovation, quality and commitment.”

Highlights

–            CASA growth at 9.21% at INR 5,149.16 Cr. against INR 4,715.10 Cr.

–            Total Deposits grew by 5.68% at INR 18,315.68 Cr. against INR 17,331.55 Cr.

–            Gross NPA(%) declined to 3.70% against 3.96%

–            CRAR at 13.32% as against 13.89%.

Operational highlights

–            SVC Bank is making significant investment in technology upgrade to improve customer experience and operational efficiency.

–            Branches continue to be the focus for delivering exceptional customer service as well as engagement.

–            Bank continues its focus on Small & Medium enterprises business and this will be the growth engine for the bank apart from Retail Banking.

–            Continuous strengthening of the product and policies to ensure focus on credit quality & customer value.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button