Demo blues: Zoroastrian Co-op Bank racks a tiny profit
“Demonetization of high value currency notes had posed a challenge yet Zoroastrian Cooperative Bank (ZCBL) could manage to rack a tiny profit of 1.02 percent up”, said Homai A.Daruwalla, Chairperson, while addressing the 90th Annual General Meeting recently in Mumbai.
The net profit remained more or less at the same level, i. e. Rs.10.87 crore as of 31st March, 2017 compared to Rs.10.76 crore as of 31st March, 2016, with a marginal growth of 1.02%, she said.
The bank’s deposits grew by 21.77% from Rs.887.14 crore as of 31st March, 2016 to 1080.25 crore as of 31st March, 2017, she informed.
Daruwalla further said the advances portfolio registered a decline of 9.36% from Rs.585.24 crore to Rs.530.45 crore for the corresponding period. Though the share of NPAs to total advances grew from 1.48 % as on 31st March, 2016 to 1.58% as of 31st March, 2017, the perceived growth is only on account of the decline in total advances.
The gross NPAs have actually declined from Rs.865.18 lakh as on 31st March, 2016 to Rs.840.21 lakh as on 31st March, 2017 despite addition of 4 accounts to the NPAs category during the year, she underlined.
Daruwalla also said ,” Our Capital and Reserves are at robust levels, with Total Paid up Capital at Rs.1412.36 lakh and Reserve Funds at Rs.13310.24 lakh as on 31/03/2017. The Total Reserve Funds as of March 2017 stand at over 9.42 times your capital”.
Speaking of the critical importance of technology, Daruwalla said ” we are making all attempts to bring technologyadvancements and new products linked to such advanced technologies. All efforts are made to bridge the gap between us and similar sized banks,” she added.
Uday A Shetye Managing Director and CEO of the bank read the minutes of the AGM and presented the AGM report before the delegates which was applauded and unanimously passed.
In November 2013, The Zoroastrian Co-operative Bank achieved the status of a Multi- State Scheduled Co-operative Bank and is having a network of 18 branches in two states including Maharashtra and Gujarat.
