After merging Maratha Sahakari Bank (MSB) with itself, Pune-based Cosmos Co-operative Bank is looking to take into its fold more urban cooperative banks (UCBs) to expand its network to 200 branches.
With the Reserve Bank of India’s permission for voluntary merger, Cosmos has integrated seven branches of Maratha Sahakari Bank. Now the branch network consists of 159 branches in seven states, said Milind Kale, chairman, Cosmos Bank.
Till date the bank has acquired 16 UCBs of varied financial health. Some had negative net worth, some were of sound health with a single branch. Cosmos Bank has built expertise and a cultural ethos to systematically integrate UCBs. At present, it is looking at Sahebrao Deshmukh Co-operative Bank as a potential acquisition target.
It has become difficult for small banks to sustain due to intense competition. In this scenario, upholding the ethos of the cooperative sector, Cosmos Bank has assisted many banks, Kale said.
With Maratha Sahakari Bank’s merger, deposits worth Rs 84 crore have gained security and Cosmos Bank has taken responsibility of Rs 112 crore which is paid by Deposit Insurance and Credit Guarantee Corporation (DICGC) to depositors having deposits of Rs five lakh or less.
Cosmos Bank’s business--deposits and advances--rose to Rs 30,745 crore at the end of March 2023 from Rs 28,815 crore a year ago. Its gross non-performing assets dipped to 4.8 per cent at the end March 2023 from 6.86 per cent a year ago. Net NPAs were down to 1.74 per cent from 4.74 per cent in March 2022.
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It posted a net profit of Rs 212.99 crore in FY23 up from Rs 84.28 crore in FY22 and had a capital adequacy ratio (CAR) of 13.55 per cent at the end of FY23.