Zoroastrian Co-op Bank: Profit soars 310%
Despite the Covid-19 after-shocks and adverse market conditions, Maharashtra based Zoroastrian Cooperative Bank performed spectacularly in 2021-22 especially, increasing its Net Profit and decreasing its Net NPA levels, besides doing well on other financial parameters.
The bank’s net profit has increased to Rs 4.31 crore from Rs 1.05 crore showing an impressive growth of 310.92 percent. The Bank has made a significant recovery in NPAs and brought down net NPAs to 0.70% (previous year 4.98 %).
The figures were shared during the Annual General Meeting held on Friday. Besides, the bank has declared 10% Dividend and also made adequate provision towards Non-Performing Assets (NPAs). Provision Coverage Ratio has improved to 94.32 %. The bank has a very healthy Capital to Risk Weighted Assets Ratio (CRAR) of 27.65%. The Investment portfolio of the bank has also been managed well.
Commenting on the bank’s performance, Chairman Yazdi Tantra said the bank is poised for excellent organic growth and is also open to appropriate acquisition opportunities. It may be noted that the Bank had, in 2013, taken over Surat based City Co-operative Bank. The Bank is looking for more such acquisitions.
“For the service industry like Banking, People and Technology are important factors and the Bank has identified both for special attention. While significant work is being done on the Technology front, the Bank is meticulously upskilling human capital and building capacities to scale up growth”, he added in the press release sent to Indian Cooperative soon after the AGM.
He further said, the bank would continuously work towards becoming the most preferred, friendly neighbourhood bank with Indian Traditions and global Products & Services. The Bank will consciously blend Technology and Human Touch to offer Delightful Banking Experiences.
Later on, talking to Indian Cooperative, the bank’s MD and CEO Daljit Dogra said, “We have performed well on almost all the parameters and with the support of management and others, we succeeded in curbing the Net NPA levels and our target is to make it ‘Zero’ at the end of the current financial year”.
“The bank has chosen a high end and cost-effective Software as a Service (SaaS) technology model. The Bank has upgraded its Core Banking Software (CBS) to “Finacle” by Infosys. During the year the bank has launched its Mobile Banking Application, Zoro Mobile which has increased the Digital Banking options for the Customers. Adoption of Zoro Mobile is simple to use, secured Customer friendly solution, is fast increasing. The bank also offers Internet Banking for its Retail as well as Corporate Clients”, he informed on the phone.
The Bank is offering Home Loans at interest rates starting from 6.50%, which are the lowest in the Banking Industry. The bank has also decided to increase its ATM network and design digital products for enhancing Customer experience. With a view to enhancing visibility, the Bank is using a cost-effective approach like Social Media, Print Media and Public Transport space.
Readers would recall that recently, the bank signed a Memorandum of Understanding (MoU) with Tata-AIG General Insurance Company Ltd.