Excelsior Correspondent
MUMBAI, Sept 12: Buoyed by a significant surge in operating profit, the Bombay Mercantile Cooperative Bank unveiled a series of new initiatives including innovative loan products and strategic deployment of surplus funds to propel its growth trajectory to new heights.
At the 88th Annual General Meeting (AGM) today, Chairman Zeeshan Mehdi addressed stakeholders, highlighting the Bank’s strong financial performance for the Financial Year 2024-25.
The Bank’s operating profit soared to Rs. 40.29 crore, up from Rs. 25.10 crore in 2023-24, with a net profit of Rs. 2.38 crore for the same period.
Detailing the Bank’s achievements, Mehdi reported a total business volume of Rs. 3,924.92 crore, comprising deposits of Rs. 2,537.06 crore and gross advances of Rs. 1,387.86 crore as of March 31, 2025. CASA (Current Account and Savings Account) deposits reached Rs. 1,618.38 crore, accounting for 63.79 per cent of total deposits, reflecting strong customer confidence.
The Chairman emphasized improvements in asset quality, with Gross Non-Performing Assets (GNPA) and Net Non-Performing Assets (NNPA) reduced to 6.03 per cent and 2.78 per cent respectively, as of March 31, 2025, well within the RBI prescribed limits. Effective credit risk management and recovery measures slashed fresh slippages from Rs. 23 crore in 2023-24 to Rs. 9.20 crore in 2024-25.
Mehdi also highlighted the Foreign Exchange Department’s remarkable performance, achieving a turnover of Rs. 9,074.43 crore during the financial year 2024-25.
To ensure operational resilience, the bank has implemented robust internal controls and processes to mitigate risks, with ongoing enhancements in cyber security measures to address emerging threats.
The post At 88th AGM, Bombay Mercantile Bank unveils new initiatives appeared first on Daily Excelsior.