Saraswat Bank to acquire three cooperative banks

The three banks are The South Indian Cooperative Bank, Amaravati Cooperative Bank and Sirushi Cooperative Bank in Karnataka, Saraswat Bank Director Ekanath K Thakur told reporters.        

"We hope to complete the acquisition of The South Indian Cooperative Bank by August. The Reserve Bank has been informed about it," Thakur said.        

In the past, the bank has acquired Maratha Mandir Cooperative Bank, Mandvi Cooperative Bank, Nashik People's Cooperative Bank, Annasaheb Karale Janata Sahakari Bank and Murgharajendra Sahakari Banki.        

For the year-ended March, Saraswat Bank's net profit rose 30.34 per cent to Rs 202.26 crore against Rs 155.18 crore a year ago.        

"This is the first time, we are crossing the Rs 200 crore mark in the bank's 100 year history," he said.        

The bank's total business jumped 23.43 per cent for the reporting year to Rs 18,879.13 crore against Rs 15,295.40 crore a year ago.     

Thakur pointed out that Saraswat Bank's return on assets is higher than State Bank of India and ICICI Bank.        

It was 1.71 per cent for the reporting year against SBI's 1.01 per cent and ICICI's 1.12 per cent.