The urban cooperative banks (UCBs) of Andhra Pradesh have made significant strides in the 2023-24 financial year, achieving a business mix exceeding Rs 20,000 crore and recording an impressive gross profit of Rs 348.72 crore.
There are 45 UCBs in the state, and almost all have shown steady progress in their total business during the fiscal year.
Notably, top 10 UCBs contributed a substantial business turnover of Rs 16,230 crore as of 31st March 2024, underscoring their pivotal role in the cooperative sector’s overall growth and development.
The top 10 UCBs include Visakhapatnam Cooperative Bank, Kakinada Cooperative Town Bank, Kanakmahalakshmi Cooperative Urban Bank, Aryapuram CUB, Gandhi CUB, LIC Employees Coop Bank, Guntur CUB, Jampet CUB, Tirupati Cooperative Bank, and Mahayogi Lakshmmamma CUB.
The deposits of all UCBs in Andhra Pradesh rose from Rs 11,283.52 crore in 2022-23 to Rs 11,847.12 crore as of 31st March 2024, while advances increased from Rs 7,839 crore to Rs 8,310 crore in 2023-24.
Moreover, the banks’ reserves grew from Rs 1,105.99 crore in 2022-23 to Rs 1,231.13 crore as of 31st March 2024. The share capital and members stood at Rs 617.29 crore and 7,80,205, respectively.
These banks also succeeded in controlling their NPA levels. The gross NPA amount of the UCBs reduced from Rs 447.51 crore to Rs 348.46 crore, while the net NPA amount decreased from Rs 195.62 crore to Rs 65.80 crore as of 31st March 2024.
The gross NPA percentage declined from 5.71 percent to 4.19 percent, while the net NPA percentage fell from 2.50 percent to 0.79 percent in the 2023-24 financial year. These banks have a total network of 216 branches and around 109 ATMs.
These banks recorded a net profit of Rs 183.43 crore in the 2023-24 fiscal year, showing a slight decline compared to the previous year.
It has been gathered that around nine urban cooperative banks are currently under the Supervisory Action Framework (SAF). Additionally, government officials have been appointed in approximately 12 urban cooperative banks in Andhra Pradesh.
