The Cosmos Co-Operative Bank Ltd. has demonstrated its robust financial health by announcing a net profit of ₹384 Crore for the Financial Year 2023-2024. This announcement was made during the bank’s 118th Annual General Meeting (AGM), held at Hotel Central Park, Apte Road, Pune. Chairman CA Milind Kale emphasized the bank’s strong financial position, citing reserves and other funds amounting to ₹2,149 Crore and a Capital to Risk Assets Ratio (CRAR) of 15.43%.
Key Highlights of the AGM
During the AGM, Chairman Kale provided a comprehensive overview of the bank’s performance and milestones achieved during the fiscal year ending March 31, 2024. He reported that the bank’s total business setup has reached an impressive ₹35,400 Crore, with deposits amounting to ₹20,216 Crore and advances totaling ₹15,192 Crore.
Dividend Declaration
Reflecting its commitment to shareholder returns and financial prudence, Cosmos Co-Operative Bank declared a 15% dividend for its members for the Financial Year 2023-24. This decision underscores the bank’s dedication to rewarding its members and maintaining strong financial health.
Attendance and Participation
The AGM witnessed a substantial turnout of members, indicating strong engagement and interest in the bank’s affairs. Vice Chairman CA Yashwant Kasar, all Directors of the Board, and Managing Director Apekshita Thipsay were present to discuss and approve the financial results and future strategies of the bank. Their presence and participation highlight the collaborative efforts of the bank’s leadership in driving its success.
Focus on Growth and Stability
Cosmos Co-Operative Bank Ltd. continues to strengthen its position in the co-operative banking sector. The bank’s focus remains on growth, stability, and serving the financial needs of its members and customers. Chairman Kale reiterated the bank’s commitment to these goals, emphasizing that the bank will continue to work towards enhancing its services and financial performance.
