PUNE: Buoyed by strong performance in FY24, Cosmos Co-operative Bank has declared a bonus of one month salary to its employees. Around 2,800 employees will receive the bonus.
“When the cyberattack was discovered at the bank five to six years ago, the morale of the employees had taken a hit. But despite that the employees held the operations of the bank together.The bank has come out of the difficult situation and in recognition of the efforts of those employees the bank’s board has made the decision of giving bonuses,” chairman Milind Kale said after its earnings results.
The lender business stands at Rs 35,408 crore as of March 31, an increase of 15.16% compared to the previous year. Its deposits stood at Rs 20,216 crore which have increased by Rs 2,587 crore, while advances were at Rs 15,192 crore, higher by Rs 2,075 crore. The bank has posted net profit of Rs 384 crore during the year as against Rs 181 crore.
The lender is launching newer loan products for non-banked section. It is planning to offer loans in the range of Rs 20,000 to Rs 50,000 having repayment tenure of around 18-24 months, similar to the model of small finance banks. It is also planning to invest on the technology side to improve its tools for assessing the creditworthiness of the borrowers.
The bank was able to keep bad loans under check despite the acquisitions of Sahebrao Deshmukh Cooperative Bank and Maratha Sahakari Bank during the year, he said. Its gross non-performing asset (NPA) ratio was at 3.22% while net NPA stood at 1.54% as of March 31. However, the bank is currently not considering any additional mergers. The two mergers enabled it to expand its branch network in Mumbai and now the lender has a network of 170 branches. “We are seeing traction in business from outside as well as we were able to galvanise deposits from Gujarat and states in southern India,” he said.
“When the cyberattack was discovered at the bank five to six years ago, the morale of the employees had taken a hit. But despite that the employees held the operations of the bank together.The bank has come out of the difficult situation and in recognition of the efforts of those employees the bank’s board has made the decision of giving bonuses,” chairman Milind Kale said after its earnings results.
The lender business stands at Rs 35,408 crore as of March 31, an increase of 15.16% compared to the previous year. Its deposits stood at Rs 20,216 crore which have increased by Rs 2,587 crore, while advances were at Rs 15,192 crore, higher by Rs 2,075 crore. The bank has posted net profit of Rs 384 crore during the year as against Rs 181 crore.
The lender is launching newer loan products for non-banked section. It is planning to offer loans in the range of Rs 20,000 to Rs 50,000 having repayment tenure of around 18-24 months, similar to the model of small finance banks. It is also planning to invest on the technology side to improve its tools for assessing the creditworthiness of the borrowers.
The bank was able to keep bad loans under check despite the acquisitions of Sahebrao Deshmukh Cooperative Bank and Maratha Sahakari Bank during the year, he said. Its gross non-performing asset (NPA) ratio was at 3.22% while net NPA stood at 1.54% as of March 31. However, the bank is currently not considering any additional mergers. The two mergers enabled it to expand its branch network in Mumbai and now the lender has a network of 170 branches. “We are seeing traction in business from outside as well as we were able to galvanise deposits from Gujarat and states in southern India,” he said.
