Monday, June 16, 2008

Saraswat Bank to take over three cooperative banks this financial year

Saraswat Bank Director Ekanath K Thakur told the reporters that it will be taking over three cooperative banks in this financial year with this the total number of its acquisition will go to eight.

The three banks are The South Indian Cooperative Bank, Amaravati Cooperative Bank and Sirushi Cooperative Bank in Karnataka. He said, "We hope to complete the acquisition of The South Indian Cooperative Bank by August. The Reserve Bank has been informed about it."

Previously bank had taken over Maratha Mandir Cooperative Bank, Mandvi Cooperative Bank, Nashik People's Cooperative Bank, Annasaheb Karale Janata Sahakari Bank and Murgharajendra Sahakari Banki.

Saraswat Bank's net profit for the year-ended March, showed an increase of 30.34 per cent to Rs 202.26 crore against Rs 155.18 crore a year ago.

"This is the first time, we are crossing the Rs 200 crore marks in the bank's 100 year history," he said.

The bank's total business went up by 23.43 per cent for the reporting year to Rs 18,879.13 crore against Rs 15,295.40 crore a year ago.

Thakur informed that Saraswat Bank's return on assets have gone ahead that of State Bank of India and ICICI Bank, i.e. it was 1.71 per cent for the reporting year against SBI's 1.01 per cent and ICICI's 1.12 per cent.

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