The Saraswat Co-operative Bank is planning to acquire three more co-operative banks in the country which include The South Indian Cooperative Bank, Amaravati Cooperative Bank and Sirushi Cooperative Bank in Karnataka.
A senior bank official of the bank, told FE that we will soon apply before the Reserve Bank of India in connection with our plan to acquire the three co-op banks.
The bank has already acquiredacquired few co-op banks in past which include Maratha Mandir Cooperative Bank, Mandvi Cooperative Bank, Nashik Peoples Cooperative Bank, Annasaheb Karale Janata Sahakari Bank and Murgharajendra Sahakari Banki.
Announcing the results in Mumbai on Thursday, the bank director, Eknath Thakur,had said that his bank has already informed the RBI about its plan to acquire the three coop banks.
Meanwhile, for the first time the net profit of the bank crossed the mark of Rs 200 crore and increased by 30.34% to Rs 202.26 crore in 2007-08 from Rs 155.18 crore a year ago.
The deposits of the bank increased to Rs 11,430.82 crore at the end of the year from Rs 8924.94 crore a year ago, showing a rise of 28.08%.
The advances recorded an increase of 16.92% at Rs 7448.31 crore. Return on average assets increased 1.71% from 1.67% a year Capital to risk assets stood at 10.85% which is above the 9% mark as prescribed by the RBI.
The bank has received licence from the RBI to nine branches at places Mumbai, Bangalore, Udupi and Kodal.
Foreign exchange turnover of the bank recorded a mark Rs 44,108 crore during eyar from Rs 41,970 crore year ago.
The bank has soft launched VISA enabled debit card for customers.