Nainital Bank Touched New Hieghts and Earned Net Profits of Rs. 44.85 Crores

deharadun,VON NEWS: Nainital Bank has finalised its financial results for first Nine Months ending December 31, 2020 in its Board Meeting held on January 20, 2021. As per the the Data approved by the Board, Bank has earned a Net Profit of Rs. 44.85 Crores as on December 31, 2020 against the Net Profit of Rs. 24.96 Crores as December 31, 2019 thereby registering a growth of around 80% on YoY basis.

The CD Ratio of the Bank has also touched a new height of 56.31% which is also a remarkable achievement in the present slowdown economy. Mr. Dinesh Pant, Chairman & CEO of the Bank while deliberating on the issue has also informed that percentage of CASA in total deposits has reached to a level of 35% which also a milestone and is a result of team efforts made by entire field machinery of Team Naini Bank. In an era when the entire Banking Fraternity is facing the challenges of increasing NPAs, Nainital Bank could be able to reduce its gross NPAs from Rs. 536.03 Crore as on 31.03.2020 to Rs. 513.81 Crores as on 31.12.2020 by aggressive recovery efforts made at all levels.

Bank is also regularily enhancing its outreach in its area of operations and has opened 11 new branches during the current financial financial year. The number of Branches has now reached to 152 as on 31.12.2020. Bank has an ambitious expansion plan and is in the process of opening new branches regurarily and is hopeful that the number of Branches would increase to 165 as at the close of the current financial year on 31.03.2021.

By regular opening of Bank’s branches Bank not only provides job opportunities to the local youths but also gives opportunities for internal promotions to its existing staff strength. Further, with opening of every new branch Bank also intends to increase its market share in the present days’ competetive banking scenario which is also a very vital for a progressive bank like Nainital Bank. Mr. Pant further explained that although the Bank provides diversified credit facilities meant for all sections of the society in its entire area of operations, the focused area always remain the State of Uttarakhand, from where the Bank was originated in 1922.

While feeling satisfied and overwhelmed with the Bank’s financial results of nine months of the current financial year, Mr. Dinesh Pant wished New Year greetings to Bank’s Shareholders, Stakeholders, Customers, Well wishers and all Staff Members for this remarkable performance of the Bank and hoped that the annual results would be more convincing and satisfying as on 31.03.2021.