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The Zoroastrian Co-Operative Bank declared 10 per cent dividend For Fy 2021-22, signed MOU with Tata - AIG General Insurance Company Ltd

August 23, 2022 00:00 IST | ANI Press Release
Tennis player James Blake
The Zoroastrian Co-operative Bank AGM

Mumbai (Maharashtra) [India], August 23 (ANI/PNN): The Zoroastrian Co-operative Bank, a leading Urban Co-operative Bank has shown overall excellent financial results for year ended March 2022.

Bank's net profit has increased to Rs 431.55 lakhs from Rs.105.02 lakhs showing an impressive growth of 310.92 per cent.

The Bank has declared 10 per cent Dividend and also made adequate provision towards Non-Performing Assets (NPAs).

The Bank has made significant recovery in NPAs and brought down net NPAs to 0.70 per cent (previous year 4.98 per cent). Provision Coverage Ratio has improved to 94.32 per cent. Bank has very healthy Capital to Risk Weighted Assets Ratio (CRAR) of 27.65 per cent. The Investment portfolio of the Bank has also been managed well.

Zoroastrian Bank has chosen high end and cost effective Software as a Service (SaaS) technology model. The Bank has upgraded its Core Banking Software (CBS) to "Finacle" by Infosys. During the year the Bank has launched its Mobile Banking Application, Zoro Mobile which has increased the Digital Banking options for the Customers. Adoption of Zoro Mobile, a simple to use, secured Customer friendly solution, is fast increasing. The Bank also offers Internet Banking for its Retail as well as Corporate Clients.

The Bank is known for its ethical Banking practices and strong Customer Connect. The loyal Customer base is one of the main strengths of the Bank. With a view to catering to the changing needs of the Customers, the Bank has enhanced its focus on Retail Banking Products. It has revamped its Retail Loan products.

The Bank is offering Home Loans at interest rates starting from 6.50 per cent which are the lowest in the Banking Industry. The Turn Around Time (TAT) too are among the best in the industry. The Bank has also started granting approvals for the Residential and Commercial Projects (Approved Project Financials - APF) to fast track sanctions and disbursements of Loans ensuring adequate safety for the end users.

The Bank is re-orienting its approach to Corporate Banking. It has reviewed internal rating structure and linked its lending rates to Repo Rate of the Reserve Bank of India. The Bank has also decided to increase its ATM network and design digital products for enhancing Customer experience.

With a view to enhance visibility, the Bank is using cost effective approach like Social Media, Print Media and Public Transport space. Distribution of Investment Products like Mutual Funds, Insurance Products to service the Customer needs are other initiatives in the pipeline. Bank has signed Memorandum of Understanding (MoU) with Tata - AIG General Insurance Company Ltd.

Speaking to the media, Yazdi Tantra, Chairman and Daljit Dogra, the MD & CEO of the Bank stated that the Bank is poised for excellent organic growth and is also open to appropriate acquisition opportunities. It may be noted that the Bank had, in 2013, taken over Surat based City Co-operative Bank.

The Bank is looking for more such acquisitions. Tantra added that for the service industry like Banking, People and Technology are important factors and the Bank has identified both for special attention. While significant work is being done on the Technology front, the Bank is meticulously upskilling human capital and building capacities to scale up growth.

He concluded, the Bank would continuously work towards becoming most preferred, friendly neighborhood Bank with Indian Traditions and global Products & Services. The Bank will consciously blend Technology and Human Touch to serve Delightful Banking Experience.

(https://zoroastrianbank.com)

This story is provided by PNN. ANI will not be responsible in any way for the content of this article. (ANI/PNN)

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