NKGSB Cooperative Bank, a leading urban cooperative bank in Maharashtra, has achieved a significant milestone by crossing a business mix of Rs 13,000 crore as of March 31, 2024. The bank, which has consistently performed well on various financial parameters, announced this achievement during its 107th Annual General Meeting. Alongside this milestone, NKGSB also revealed plans to shift to a new corporate office in MIDC, Andheri East, Mumbai. This article explores the bank’s recent achievements, financial performance, and future plans.
NKGSB Cooperative Bank has demonstrated robust financial performance over the past year. The bank’s deposits increased from Rs 7,217 crore in the 2022-23 financial year to Rs 7,697 crore as of March 31, 2024. Similarly, advances grew from Rs 4,841 crore to Rs 5,309 crore during the same period. This growth in deposits and advances contributed to the bank’s impressive business mix of Rs 13,006 crore.
The bank also reported a net profit of Rs 23.01 crore for the financial year 2023-24. This profit reflects NKGSB’s effective management and strategic initiatives aimed at enhancing its financial stability and growth. The bank’s Gross Non-Performing Assets (NPA) reduced from Rs 304.48 crore in the previous financial year to Rs 301.27 crore in 2023-24. Additionally, Net NPAs decreased from Rs 133.87 crore to Rs 116.27 crore, indicating improved asset quality.
NKGSB’s Capital to Risk (Weighted) Assets Ratio (CRAR) stood at 12.85%, well above the stipulated norms of 12%. The bank’s owned funds increased from Rs 862 crore to Rs 977 crore, further strengthening its financial position. These achievements underscore NKGSB’s commitment to maintaining financial health and delivering value to its stakeholders.
New Corporate Office and Future Plans
In line with its growth and expansion plans, NKGSB Cooperative Bank is set to shift to a new corporate office located in MIDC, Andheri East, Mumbai. The new office, situated at Road No. 18, CTS No. 14, Kondivita, will provide a modern and efficient workspace for the bank’s operations. This move is part of NKGSB’s strategy to enhance its operational capabilities and support its growing business needs.
The new corporate office will be equipped with state-of-the-art facilities and technology, enabling NKGSB to deliver seamless and personalized banking services to its customers. The bank is focused on leveraging digital technology to reimagine banking and provide a full range of services in consumer banking, wealth management, and corporate banking. This digital transformation is expected to enhance customer experience and drive further growth.
NKGSB’s Chairperson, CA Himangee Nadkarni, emphasized the bank’s commitment to supporting its shareholders, customers, employees, and the community towards a sustainable future. The bank plans to continue investing in digital banking and strengthening its technology resiliency to meet the evolving needs of its customers. This forward-looking approach positions NKGSB for sustained success in the competitive banking sector.
Community Engagement and Corporate Responsibility
NKGSB Cooperative Bank has a long-standing tradition of community engagement and corporate responsibility. The bank’s initiatives extend beyond banking, focusing on supporting the community and contributing to social development. NKGSB regularly engages in activities that promote financial literacy, education, and healthcare, benefiting various sections of society.
The bank’s commitment to corporate responsibility is reflected in its efforts to provide a safe and inclusive work environment for its employees. NKGSB promotes diversity and inclusion, ensuring equal opportunities for all its staff members. The bank also invests in employee development programs, fostering a culture of continuous learning and growth.
NKGSB’s community engagement initiatives are aligned with its vision of creating a positive impact on society. The bank collaborates with various non-profit organizations and community groups to support social causes and drive meaningful change. These efforts underscore NKGSB’s dedication to being a responsible corporate citizen and contributing to the well-being of the community.
In conclusion, NKGSB Cooperative Bank’s achievement of crossing a business mix of Rs 13,000 crore and its plans to shift to a new corporate office mark significant milestones in its journey. The bank’s robust financial performance, strategic initiatives, and commitment to community engagement position it for continued success. As NKGSB continues to innovate and expand, it remains dedicated to delivering value to its stakeholders and contributing to the broader society.
