The bank has a net profit of Rs 384 crore in FY24. In the previous financial year it was Rs 181 crore. The bank has decided to give bonus to honor the work of the employees.
Due to good performance in the financial year 24, Cosmos Co-operative Bank has decided to give 1 month salary as bonus to its employees. This will benefit 2800 employees of the bank. The bank did a business of Rs 35408 crore till 31 March 2024. This is 15.16 percent more than last year. The bank’s deposit has increased by Rs 2587 crore to Rs 20216 crore.
The bank has a net profit of Rs 384 crore in FY24. In the previous financial year, it was Rs 181 crore. According to TOI, the bank’s chairman Milind Kale has said, “5-6 years ago when the bank was attacked by cyber attack, the morale of the employees was badly hurt. Despite this, the employees handled the operations of the bank. The bank has now come out of difficult circumstances. To honor the efforts of the employees, the board of the bank has decided to give bonuses.”
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New loan products
The bank is issuing new loan products. The bank is coming up with loan options of Rs 20,000-50,000 with repayment tenure of 18-24 months. Apart from this, the bank is planning to invest in technology. The net NPA of the bank was 1.54 percent till March 31. The bank had acquired Sahebrao Deshmukh Co-operative Bank and Maratha Sahakari Bank, despite this, bad loans were kept under control.
No new mergers
The bank has said that it does not plan to do any more mergers at the moment. The bank already has 170 branches. The bank is now working on increasing deposits from Gujarat and South India.
