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Cosmos Bank pays One Month Salary as Bonus To Employees


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Cosmos Co-operative Bank, fueled by its impressive performance in FY24, has announced a generous bonus equivalent to one month’s salary for its dedicated employees. This bonus will be awarded to approximately 2,800 individuals who have demonstrated unwavering commitment and resilience, especially in the face of a cyberattack that occurred five to six years ago. Despite the challenges posed by this incident, the bank’s employees persevered and ensured the smooth functioning of its operations. In recognition of their exceptional efforts, the bank’s board has made the decision to grant these well-deserved bonuses.

The Cosmos Co-operative Bank Ltd. (Cosmos Bank), established in 1906, is one of the oldest Urban Co-operative Banks in India. The bank is headquartered in Pune in its Corporate Office at Cosmos Tower, Ganeshkhind Road, Shivajinagar, Pune.

The bank’s business has experienced significant growth, with its total standing at Rs 35,408 crore as of March 31, marking a 15.16% increase compared to the previous year. Deposits have also seen a substantial rise, reaching Rs 20,216 crore, an increase of Rs 2,587 crore. Additionally, advances have climbed to Rs 15,192 crore, reflecting a growth of Rs 2,075 crore. These outstanding results have culminated in a net profit of Rs 384 crore, a substantial increase from the previous year’s Rs 181 crore.

Furthermore, Cosmos Co-operative Bank is set to launch innovative loan products specifically catering to the non-banked segment. These loans, ranging from Rs 20,000 to Rs 50,000, will have a repayment tenure of approximately 18-24 months, mirroring the successful model employed by small finance banks. The bank also plans to invest in technology to enhance its tools for assessing the creditworthiness of borrowers, ensuring efficient and reliable loan evaluation processes.

Despite the bank’s acquisitions of Sahebrao Deshmukh Cooperative Bank and Maratha Sahakari Bank during the year, it has successfully managed to keep bad loans in check. As of March 31, the gross non-performing asset (NPA) ratio stood at 3.22%, while the net NPA ratio was at an impressive 1.54%. It is worth noting that the bank currently has no immediate plans for additional mergers. The two aforementioned mergers have allowed the bank to expand its branch network in Mumbai, resulting in a total of 170 branches.

Chairman Milind Kale expressed his satisfaction with the bank’s progress, stating, “We are witnessing a positive response from customers beyond our traditional markets. Our ability to attract deposits from Gujarat and states in southern India has been instrumental in our success.” This optimistic outlook bodes well for the future of Cosmos Co-operative Bank as it continues to thrive and serve its customers with dedication and innovation.

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