Maharashtra State Cooperative Bank reports Rs 369-crore net in FY21

The bank’s operating nett stood astatine Rs 758 crore, aforesaid arsenic the erstwhile year. Last year, the operating nett accrued owed to receipt of authorities warrant of Rs 304 crore towards interest.

Maharashtra State Cooperative Bank (MSC) Bank has reported a nett net of Rs 369 crore for the fiscal twelvemonth 2021, a emergence of 14% implicit the erstwhile year.

The bank’s full income dropped 30% to Rs 2,427 crore, from Rs 3,485 crore. The slope had made proviso of Rs 1,012 crore towards NPA indebtedness write-off and Rs 455 crore wide reserves write-off, according to elder officials.

The gross nett of the slope fell to Rs 776 crore, compared with Rs 1,345 crore for the erstwhile year, down 42%. In FY20, wide reserves of Rs 455 crore, Rs 62-crore IDR (investment depreciation reserve) and Rs 75-crore aged IR (overdue involvement reserve) were written backmost (total Rs 592 crore).

The bank’s operating nett stood astatine Rs 758 crore, aforesaid arsenic the erstwhile year. Last year, the operating nett accrued owed to receipt of authorities warrant of Rs 304 crore towards interest.

Vidyadhar Anaskar, president of the committee of administrators of the bank, said during FY21, the operating nett was the effect of axenic concern operations. The nett NPA ratio accrued to 1.21% from nil successful FY20 owed to the Covid-19 impact. Advances accrued 12% to Rs 23,295 crore, from Rs 20,817 crore successful the erstwhile fiscal.

The MSC Bank is the apex cooperative slope successful the authorities and lends mostly to cultivation enterprises similar sweetener mills and agri-processing units. Anaskar said the full vulnerability to the assemblage is Rs 22,000 crore, of which Rs 10,000 crore is earmarked for the sweetener assemblage arsenic pledged loan. The bank’s connection to foray into retail lending, however, has been rejected by the Reserve Bank of India, helium said.