The Zoroastrian Co-operative Bank Ltd., the community’s only Zoroastrian bank and a leading Urban Co-operative Bank, has shown overall excellent financial results for year ended March 2022. The Bank’s net profit increased to Rs.431.55 lakhs from Rs.105.02 lakhs, showing an impressive growth of 310.92%. It has declared 10% Dividend and also made adequate provision towards Non-Performing Assets (NPAs). The Bank has made significant recovery in NPAs and brought down net NPAs to 0.70% (previous year 4.98 %). Provision Coverage Ratio has improved to 94.32 %. Bank has very healthy Capital to Risk Weighted Assets Ratio (CRAR) of 27.65%. The Investment portfolio of the Bank has also been managed well.

Zoroastrian Bank has chosen high end and cost effective Software as a Service (SaaS) technology model, upgrading its Core Banking Software (CBS) to ‘Finacle’ by Infosys. In addition to providing Net Banking, during the year, the Bank has launched its Mobile Banking Application, Zoro Mobile, a user-friendly and secured Customer friendly solution, which has increased Digital Banking options for customers.

Speaking to the media, Yazdi Tantra, Chairman and Daljit Dogra, the MD & CEO of the Bank stated that the Bank is poised for excellent organic growth and is also open to appropriate acquisition opportunities. ZCBL has enhanced its focus on Retail Banking Products, revamping Retail Loan and offering Home Loans at interest rates starting from 6.50%, which are the lowest in the Banking Industry. It has also started granting approvals for Residential and Commercial Projects to fast-track sanctions and disbursements of Loans ensuring adequate safety for the end users.

Known for its ethical banking practices and customer connect, ZCBL is re-orienting its approach to Corporate Banking. It has reviewed internal rating structure and linked its lending rates to Repo Rate of the Reserve Bank of India. It has also decided to increase its ATM network and is using cost effective approach like Social Media, Print Media and Public Transport space. Distribution of Investment Products like Mutual Funds, Insurance Products to service the Customer needs are other initiatives in the pipeline. It has also signed Memorandum of Understanding (MoU) with Tata – AIG General Insurance Company Ltd.

Having taken over Surat-based City Co-operative Bank in 2013, ZCBL is looking for more such acquisitions. Mr. Tantra added that for the service industry like Banking, People and Technology are important factors and ZCBL 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. He concluded, the Bank would continuously work towards becoming most preferred, friendly neighborhood Bank with Indian traditions and global products and services, even as the bank will continue to blend technology and the human factor to serve delightful banking experiences.