Mumbai, Aug 09: Maharashtra State Co-Operative Bank Ltd reported a turnaround and posted a net profit of Rs 27.19 crore for 2002-03 as compared to accumulated losses of over Rs 200 crore in 2001-02. The board has recommended five per cent dividend for 2002-03, its chairman G S Shelke told reporters here.
The total income for 2002-03 was down by 2.16 per cent at Rs 1,719.13 crore (Rs 1,736.87 crore in 2001-02), he added.
The total advances and deposit base stood at Rs 8,908crore (Rs 8,830 crore in 2001-02) and Rs 11,238 crore (Rs 10,197 crore) respectively.
The bank has wiped out accumulated loss of about Rs 245 crore and made provisioning of Rs 178 crore for net non-performing assets in 2002-03, Shelke said. Bureau Report