Cosmos Bank Earns Record Net Profit Of ₹384 Crore In FY 2023-24

Cosmos Bank Earns Record Net Profit Of ₹384 Crore In FY 2023-24

Currently, Cosmos Bank has 170 branches across seven states

Aakash SinghUpdated: Saturday, May 25, 2024, 11:03 AM IST
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(L-R) Cosmos Bank Director Sachin Apte, Managing Director Apekshita Thipsay, Vice Chairman CA Yashwant Kasar, Chairman CA Milind Kale, Ex-Vice Chairman Praveenkumar Gandhi, Senior Director Adv Pralhad Kokare |

During the financial year ending on March 31, 2024, Cosmos Cooperative Bank Ltd. earned a record net profit of ₹384 crore, the highest in the bank's history, informed Chairman CA Milind Kale during a press conference at the bank's corporate office on Pune University Road.

Providing details about the bank's growth, CA Kale stated that by the end of March 2024, the bank showed outstanding performance in various portfolios, including deposit mobilisation, loan disbursement, profit before tax, net profit, CRAR, and net NPA.

By the end of March 2024, the bank's business stood at ₹35,408 crore, an increase of ₹4,662 crore or 15.16% since the last financial year 2023. The bank's deposits stood at ₹20,216 crore, an increase of ₹2,587 crore, while advances were ₹15,192 crore, an increase of ₹2,075 crore since the previous fiscal year. The bank's gross NPA was at 3.22%, while its net NPA was 1.54%. The bank maintained its CRAR at 15.43%. By the end of March 2024, the bank earned ₹461 crore profit before tax (PBT), with a net profit of ₹384 crore.

During the fiscal year, Mumbai-based Maratha Sahakari Bank (with seven branches) and Sahebrao Deshmukh Sahakari Bank (with 11 branches) merged into Cosmos Bank. With this merger, the bank's branch count in Mumbai rose to 50 branches. Currently, Cosmos Bank has 170 branches across seven states. To date, the bank has merged 18 small cooperative banks into itself, thereby securing the deposits of lakhs of customers, informed the bank’s Vice Chairman, CA Yashwant Kasar.

While sharing information about the bank’s expansion, Managing Director Apekshita Thipsay stated that the bank recently opened new branches in Manjari, Tathawde, and Ravet in Pune, which are receiving a very good response from customers. She also mentioned that the bank plans to open new branches in Dhanori in Pune, and Worli, Sion, Girgaon, Vikhroli, and Kurla in Mumbai. Ex-Vice Chairman Praveenkumar Gandhi and other directors were present at the press conference.

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