Financial Daily from THE HINDU group of publications
Wednesday, Sep 25, 2002
Financial Daily from THE HINDU group of publications Wednesday, Sep 25, 2002 |
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Money & Banking
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Co-operatives Kapol Co-op's net profit, deposits up Our Bureau
MUMBAI, Sept. 24 THE Mumbai-based Kapol Co-operative Bank will be setting up branches in Surat and Ahmedabad in Gujarat shortly. The bank, which has almost doubled its net profit from Rs 1.29 crore in 2000-01 to Rs 2.18 crore in 2001-02, will be opening its first branch outside Mumbai shortly, said a bank official. The bank's deposits as on March 31, 2002, stood at Rs 330.89 crore compared to Rs 285.49 crore on March 31, 2001. However, advances fell from Rs 192 crore in 2000-01 to Rs 157.78 crore in 2001-02, Mr K. D. Vora, Chairman, Kapol Co-operative Bank, told newspersons here today. He said the bank plans to bring down its NPAs from 9.92 per cent to 5 per cent. The Kapol Bank currently has 14 branches. Mr Vora said the bank has tied up with BSES and other utility companies for providing bill collection services to its customers.
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