Announces FY2022-23 Results; Total Business crosses INR 33400 Crores, NPAT up by 20%
by Suman Gupta
May, 2023; Mumbai: SVC Bank (SVC Co-operative Bank Ltd. formerly known as The Shamrao Vithal Co-operative Bank Ltd.), one of India’s leading co-operative banks, today announced the elevation of Mr. Ravinder Singh as its Managing Director. Mr. Singh has been with the Bank for more than seven years and presently held the Managing Director (Interim) position since January 2023.
Mr. Singh commands over three decades of experience across the banking sector, with long stints in Branch Banking, Retail, Large, Mid-Market, SME & Micro segment lending and Risk departments. Two-thirds of his working experience was with State Bank of India and Axis Bank, with each stint accounting for a decade. Besides, he has also worked with marquee Banks including Dena Bank and State Bank of Patiala. Mr. Singh joined SVC Bank in August 2016 and was Chief General Manager handling Corporate Banking prior to being assigned the interim MD. Mr. Singh is an alumnus of IIM, Kozhikode.
On the occasion, Mr. Durgesh S. Chandavarkar, Chairman, SVC Bank, said, “We have a long-standing culture of identifying and elevating home-grown talent. I am elated that this culture continues to thrive with the elevation of Mr. Ravinder Singh as the Managing Director of the Bank. A thorough team man, Mr. Singh has immensely contributed through his rich and diverse experience and strong ethos, to the Bank’s growth in the past few years. In his new role, Mr. Singh would not only drive the Bank to new frontiers of growth but more importantly, inspire a new generation of home-grown leaders to dream big and take the Bank to new heights of excellence.”
Speaking on the occasion, Mr. Ravinder Singh, Managing Director, SVC Bank, said, “I thank the Board and my peers for this new role. In the past few years, we at SVC Bank have embarked on an accelerated growth trajectory, owing to the robust foundation built over the past century. The new role is a responsibility on my part to empower thousands of motivated team members at the Bank to break new ground while keeping the rich, diverse culture and ethos intact. Our results for the year 2022-23 indicate we are heading in the right direction. I look forward to contributing to the Bank’s journey into the next phase of growth transformation.”
At the Board Meeting held on April 25th 2023, the Bank also announced the financial results for 2022-23.
Rs. In Crores
| Particulars | 31-03-2022 | 31-03-2023 | Growth % |
| Net Profit | 146.86 | 176.31 | 20.06% |
| Total Business | 31,680.02 | 33,480.61 | 5.68% |
| Deposits | 18,315.68 | 19,257.70 | 5.14% |
| Advances | 13,364.35 | 14,222.92 | 6.42% |
| Gross NPA (%) | 3.70% | 2.91% | -0.79% |
| Net NPA (%) | 1.83% | 0.79% | -1.03% |
About SVC Bank: Set up in 1906, SVC Bank is a 116-year-rich institution that has contributed significantly to the development of the cooperative movement in India for over a century. Today, the Bank is one of the oldest and most recognised names in the country’s cooperative Banking space. SVC is a multi-state scheduled Bank with its presence across 11 states – Maharashtra, Karnataka, Goa, Gujrat, Rajasthan, Delhi, Haryana, Madhya Pradesh, Andhra Pradesh, Telangana, Tamil Nadu. With a total business of INR 33,480.61.02 crore and a Net Profit of INR 176.31 crore (FY 22-23), it has proven its robust and strong fundamentals. Headquartered in Mumbai, the Bank has a vast spread of 198 branches, 214 ATMs and an employee strength of over 2300. The Bank offers the entire gamut of services across Retail Banking, Corporate Banking and International Banking. SVC Bank was recently awarded for its 100+ years of service at the hands of Hon’ble Union Minister of Home Affairs and Cooperation – Shri Amitbhai Shah. It has also been acknowledged with many prestigious recognition, like the ET Best BFSI Brands 2023, ET Best Organisation for Women 2023, Best ‘Data Centers Award’ & ‘Enterprise Security Award’ at Express BFSI Technology Awards 2022 and Award for Outstanding Response to Covid-19 at Co-operative Banks Ingenious Leadership Summit and Technology Awards 2022. The Bank was among the first few cooperative banks in the country to get the Authorized Dealer Category I License (Independent Forex Operations) from RBI in December 2007. In July 2008, it launched its International Banking Division, which handles more than Rs. 5,000 crore forex business today.
