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

The financial institution’s working revenue stood at Rs 758 crore, similar because the earlier 12 months. Final 12 months, the working revenue elevated as a consequence of receipt of presidency assure of Rs 304 crore in direction of curiosity.

Maharashtra State Cooperative Financial institution (MSC) Financial institution has reported a web revenue of Rs 369 crore for the monetary 12 months 2021, an increase of 14% over the earlier 12 months.

The financial institution’s complete revenue dropped 30% to Rs 2,427 crore, from Rs 3,485 crore. The financial institution had made provision of Rs 1,012 crore in direction of NPA mortgage write-off and Rs 455 crore basic reserves write-off, in line with senior officers.

The gross revenue of the financial institution fell to Rs 776 crore, in contrast with Rs 1,345 crore for the earlier 12 months, down 42%. In FY20, basic reserves of Rs 455 crore, Rs 62-crore IDR (funding depreciation reserve) and Rs 75-crore outdated IR (overdue curiosity reserve) have been written again (complete Rs 592 crore).

The financial institution’s working revenue stood at Rs 758 crore, similar because the earlier 12 months. Final 12 months, the working revenue elevated as a consequence of receipt of presidency assure of Rs 304 crore in direction of curiosity.

Vidyadhar Anaskar, chairman of the board of directors of the financial institution, stated throughout FY21, the working revenue was the results of pure enterprise operations. The web NPA ratio elevated to 1.21% from nil in FY20 as a result of Covid-19 affect. Advances elevated 12% to Rs 23,295 crore, from Rs 20,817 crore within the earlier fiscal.

The MSC Financial institution is the apex cooperative financial institution within the state and lends largely to agricultural enterprises like sugar mills and agri-processing items. Anaskar stated the entire publicity to the sector is Rs 22,000 crore, of which Rs 10,000 crore is earmarked for the sugar sector as pledged mortgage. The financial institution’s proposal to foray into retail lending, nevertheless, has been rejected by the Reserve Financial institution of India, he stated.