General

SVC Bank announces Net Profit of Rs 125 crore, retail advances surge by 29.82% to Rs 975 crore in FY 2016-17

Published

7 years ago

June 20, 2017

MTI News Desk

Udaykumar-Gurkar-Chairman-SVC-Bank.jpg

Bank’s new differentiated digital approach to focus on digital inclusion with a human touch

Financial highlights:

Retail advances surged to Rs 975 crore from last year’s Rs 751.41 crore, up by 29.82%.
Total advances, including wholesale and retail up by 4.72% to Rs 9273.4 crore versus last year’s Rs 8854.77crore.
Current and savings account (CASA) deposits rose significantly to Rs 3545.65 crore from last year’s Rs 2834.23 crore up by 25.10%.
Total business recorded an increase of 5.58% going up to Rs 23790.61 crore from last year’s Rs 22533.62 crore.

Digital highlights:

3.4 times growth in IMPS transaction within just 3 months
More than 100% growth in NEFT transactions
More than 150% growth in debit/credit card transactions
More than 180% growth in corporate internet banking transactions

Mumbai 19 June: SVC bank (SVC Co-operative Bank Ltd.) earlier known as Shamrao Vithal Co-operative Bank Ltd has reported a net profit of Rs 125.01 crore this financial year, up by 4.47% compared to Rs 119.66 crore posted a year ago announced Chairman Mr. Udaykumar Gurkar at the recently concluded 111^th Annual General Meeting in Mumbai on Saturday 17^th June, 2017.

The bank’s retail advances surged to Rs 975 crore from last year’s Rs 751.41 crore, up by 29.82%. Its total advances, including wholesale and retail, grew by 4.72% to stand at Rs 9273.4 crore from last year’s Rs 8854.77crore. Current and savings account (CASA) deposits also rose significantly to Rs 3545.65 crore from last year’s Rs 2834.23 crore up by 25.10%. The total business recorded an increase of 5.58% going up to Rs 23790.61 crore from last year’s Rs 22533.62 crore.

SVC Bank reported a 150% growth in card usage and up to 180% increase in digital transactions in FY 2016-17 declared Chairman, Udaykumar Gurkar.

At a time when digital banking is the need of the hour and banks are wooing customers with their new age offerings, SVC Bank, has come up with a differentiated approach to Digital Banking. According to Chairman Mr. Udaykumar Gurkar, “If digital banking is not inclusive it doesn’t appeal to us. All our customers are shown to understand that digital banking is life changing. It is a challenge that one cannot face on the behest of technology alone. It needs human intervention. I am proud to say that each and every employee of our bank is geared to be a Digital Seva Ambassador to serve this virtue. In times to come we will get the best technology and deliver it to all our customers and yet maintain the personalized warm touch which we have been known for since the past 111 years. We believe in creating such a Human + Technology ecosystem where one complements another.”

SVC Bank made significant investments in offering ‘Digitized Banking’ services that contributed to the spurt in digital business. Some of the major projects towards Digitized Banking like Immediate Payment System (IMPS), Smart PIN initiatives, Mobile banking, Passbook printing Kiosks have been successfully implemented.

SVC Bank’s technological prowess is visible in its indigenously developed Core Banking System “Genius” that it offers to other Co-operative Banks on ASP and Perpetual Licensing mode for highly secure banking operations. The Genius Core Banking System is now being re-architected and rebuilt using the latest technology to make it modular for integrating easily and securely across all Digital Payment channels, KYC initiatives of the Indian Government.

The Bank is constantly building and enhancing the IT infrastructure using latest Technology for Green and Secure Data centre with resilient connectivity between all Branches and ATM’s. Disaster Recovery Plan was successfully tested for all SVC applications including Client Banks across the Primary Data centre and Disaster Recovery site. The Bank is deploying Technology as a Strategic Business enabler – to build a distinct competitive advantage and to achieve superior standards of Customer Service.