Bank has shown growth of 15% YoY basis: Chairman
Kashmir Despatch News
SRINAGAR, Apr 5: While commenting on the results, Chairman of the Bank Mohammad Shafi Dar expressed satisfaction on the results, terming them in line with the path of growth as envisioned by the management.
Total business of the Bank has reached a record level showing a growth of about 15% YoY basis. The quality of deposits as defined by cost has shown a consistent improvement. The CASA of the bank has reached 45%. Improvement in the asset quality has been remarkable. Net NPA has been slashed to 1.69% from 2.65% compared to FY 17-18.
The primary indicator of the health of a bank, CRAR has reached 12.5% against a statutory requirement of 9%.
The chairman said that the bank has adopted flexibility and applicability, both in terms of strategy and operations, to achieve long term goals. Dar further said that the fundamentals of the Bank have been strengthened and improved to such a level that the Bank can now compete with any commercial bank.
He said that being an Apex Bank, we are morally bound to work for the revival of the co-operative sector especially credit institutions and with the strengthening of our financial parameters we are all poised to take a leadership role in this regard. He said that the consistent growth has given us a foothold and we can now expand foot prints across the state and have already started a business unit at Narwal Jammu. Mr. Dar expressed full faith in his team and hoped that the Bank will maintain its consistency in realising the targets.
Managing Director, Mohammad Latief, said that the Bank has almost doubled its operating profits and he is hopeful that the Bank will sustain the growth rate.
Latief said that the main focus of the Bank has been to reduce its NPA level and arrest any major slippage.
Latief said that Bank is highly indebted to Secretary Cooperatives, Mr. Abdul Majeed Bhat and Registrar co-operatives Mr. M.M. Ghassi for their support and guidance in achieving our goals. He expressed hope that the department of cooperation and cooperative banks will continue to work in a synchronized atmosphere.
He hailed the role of regional office of NABARD for its support especially in financial literacy programmes and technology adoption initiatives.
He expressed his gratitude towards the loyal customers of the Bank whose faith and trust has been the main stay in the growth and progress of the Bank. He said that all the employees of the bank have worked tirelessly to put the Bank on the pedestal of stability and sustainability and turning it into a significant financial entity in the state.
