SVC Bank Net Profit Up 4.47%

SVC bank (SVC Co-operative Bank) earlier known as Shamrao Vithal Co-operative Bank Ltd has reported a rise of 4.47 per cent in its net profit for the year ended March 31, 2017 at Rs 125.01 crore compared to Rs 119.66 crore posted a year ago.

The bank’s retail advances surged to Rs 975 crore from last year’s Rs 751.41 crore, up by 29.82 per cent.

Its total advances, including wholesale and retail, grew by 4.72 percent to stand at Rs 9273.4 crore from last year’s Rs 8854.77crore. Current and savings account (CASA) deposits also rose significantly to Rs 3545.65 crore from last year’s Rs 2834.23 crore up by 25.10 per cent.

The total business recorded an increase of 5.58 percent going up to Rs 23790.61 crore from last year’s Rs 22533.62 crore. Bank reported a 150% growth in card usage and up to 180 percent increase in digital transactions in FY 2016-17 Chairman, Udaykumar Gurkar said.

At a time when digital banking is the need of the hour and banks are wooing customers with their new age offerings, SVC Bank, has come up with a differentiated approach to Digital Banking.

According to Chairman Udaykumar Gurkar, ''If digital banking is not inclusive it doesn’t appeal to us. All our customers are shown to understand that digital banking is life changing. It is a challenge that one cannot face on the behest of technology alone. It needs human intervention. I am proud to say that each and every employee of our bank is geared to be a Digital Seva Ambassador to serve this virtue. In times to come we will get the best technology and deliver it to all our customers and yet maintain the personalized warm touch which we have been known for since the past 111 years. We believe in creating such a Human + Technology ecosystem where one complements another.''

SVC Bank made significant investments in offering ‘Digitised Banking’ services that contributed to the spurt in digital business. Some of the major projects towards Digitised Banking like Immediate Payment System (IMPS), Smart PIN initiatives, Mobile banking, Passbook printing Kiosks have been successfully implemented.