Banking on acquisition
Though ZCBL’s total income shrank from Rs 112.62 crores last year to Rs 91.48 crores for the year ended March 2022, largely on account of fewer advances, the net profit has increased to Rs 4.31 crores from Rs 1.05 crores, mainly on account of write back of provisions not required. The Bank has declared a dividend of 10% and "also made adequate provision for Non-Performing Assets (NPAs)… The Bank has made significant recovery in NPAs and brought down net NPAs to 0.70%," which compares favorably to 4.98% of the previous year. NPAs are loans or advances that are in default or arrears.
"With a view to catering to the changing needs of the customers, the Bank has enhanced its focus on retail banking products… The Bank is offering home loans at interest rates starting from 6.50% which are the lowest in the industry, with turn around time (the time from the application of a loan by a customer till the final disbursal of the loan amount) among the best in the industry."
Tantra noted that for the banking industry "people and technology are important factors and the Bank has identified both for special attention… While significant work is being done on the technology front, the Bank is meticulously upskilling human capital and building capacities to scale up growth," states the Bank’s press release.
The Bank has upgraded its Core Banking Software to "Finacle," an Infosys product. The Bank offers internet banking services to its corporate and retail clients and in December last year launched its mobile banking Application, Zoro Mobile (see "Zoro mobile banking," Business, Parsiana, April 21-May 6, 2022).