Cosmos Bank to grant one month salary as bonus to employees

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PUNE: Buoyed by robust efficiency in FY24, Cosmos Co-operative Bank has declared a bonus of one month salary to its employees. Around 2,800 employees will obtain the bonus.
“When the cyberattack was discovered at the bank five to six years ago, the morale of the employees had taken a hit. But despite that the employees held the operations of the bank together.The bank has come out of the difficult situation and in recognition of the efforts of those employees the bank’s board has made the decision of giving bonuses,” chairman Milind Kale stated after its earnings outcomes.
The lender enterprise stands at Rs 35,408 crore as of March 31, a rise of 15.16% in contrast to the earlier yr. Its deposits stood at Rs 20,216 crore which have elevated by Rs 2,587 crore, whereas advances had been at Rs 15,192 crore, increased by Rs 2,075 crore. The financial institution has posted internet revenue of Rs 384 crore throughout the yr as in opposition to Rs 181 crore.
The lender is launching newer mortgage merchandise for non-banked part. It is planning to supply loans within the vary of Rs 20,000 to Rs 50,000 having compensation tenure of round 18-24 months, comparable to the mannequin of small finance banks. It can also be planning to make investments on the know-how facet to enhance its instruments for assessing the creditworthiness of the debtors.
The financial institution was ready to hold dangerous loans underneath examine regardless of the acquisitions of Sahebrao Deshmukh Cooperative Bank and Maratha Sahakari Bank throughout the yr, he stated. Its gross non-performing asset (NPA) ratio was at 3.22% whereas internet NPA stood at 1.54% as of March 31. However, the financial institution is at the moment not contemplating any further mergers. The two mergers enabled it to increase its department community in Mumbai and now the lender has a community of 170 branches. “We are seeing traction in business from outside as well as we were able to galvanise deposits from Gujarat and states in southern India,” he stated.


Nilesh Desai
Nilesh Desaihttps://www.TheNileshDesai.com
The Hindu Patrika is founded in 2016 by Mr. Nilesh Desai. This website is providing news and information mainly related to Hinduism. We appreciate if you send News, information or suggestion.

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