The bank continues to be under a Reserve Bank of India-appointed administrator, after its elected board was alleged to have mismanaged the bank.
"We cannot have all our lending to the sugar factories (cooperatives) alone. What if they go down? Therefore, we have decided to diversify and start infra and retail lending," its administrator Vidyadhar Anaskar told reporters here.
When asked if it is looking to open more branches beyond 57, he said this task will be accomplished through mergers.
The bank has reported a net profit of Rs 316 crore for the fiscal year 2018-19, up from the year-ago period's Rs 201 crore, while the stock of gross non-performing assets improved to 7.35 per cent from 9.91 per cent in the Rs 19,700 crore book.
Its capital adequacy stood at 16 per cent as against the mandatory requirement of nine per cent, while the overall net worth was Rs 2,717 crore.
When asked for a timeline by when the bank will go back to being run by an elected board, Anaskar said the matter is subjudice and will be decided by the Bombay High Court.
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