Business crosses 937 cr, NPA reduced by 48%, CRAR reaches a record level of 11.77%
SRINAGAR: J & K State Cooperative Bank that released its un-audited results for the FY 16-17 has witnessed phenomenal improvement in some key ratios.
With a profit of Rs 486.24 Lakhs as against Rs. 256.71 Lakhs in the previous year the bank has seen an increase of 89% in the operating profit.
The banks NPA, a key indicators of the health of a bank, has been drastically reduced from 19% in FY 15-16 to 7% in FY 16-17.
Bank has also improved upon its CRAR level, reaching 11.77 % against 9.12% of FY 15-16. Pertinently, Bank is required to maintain a CRAR of 9% or above as per RBI norms.
During FY 16-17, Bank has added two branches and 5 ATMs, besides launching PoS service.
The Managing Director of the Bank, M.Lateif Dar called the results significant and satisfactory.
M. Lateif said that from being written off as an insignificant entity, state cooperative bank is fast emerging as a key player in the financial sector of the state and all this has been possible due to the vision and dynamism of the present board of directors headed by M. S. Dar, the chairman.
Lateif said that the bank is being re modeled on the lines of a viable commercial bank while as at the same time efforts are being made to revive and rejuvenate the cooperative credit structure in the state.
He said that a comprehensive plan is being formulated to revive Primary Agricultural Credit Societies (PACS) and bank is all set to take a lead role in reinvigorating cooperative movement in the state.
He lauded the role of all the employees for displaying exemplary dedication and commitment.