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I am delighted to share with you the highlights of what has been a transformative year for your Bank despite a challenging environment, both in India and globally.
As you will recall, last year we had set out some clear objectives and a new vision for our Bank. I am happy to report that considerable progress has been made on these initiatives but, as always, there is more to do.
Your Bank initiated a large number of organizational improvement initiatives.
First among those was the creation of a specialized recovery and resolution vertical with more than 1000 officials to concentrate on recovery and resolutions, as an activity independent of the business verticals. This has not only resulted in an enhanced recovery performance of Rs.4261 crore, but alongside has helped Bank to retain the NPA level below the last year’s level.
Recognizing the necessity for enhanced efficiency and focused implementation of corporate objectives, a comprehensive restructuring of the organization structure was adopted. The Bank decided to create one new Zone and 35 new Regional Offices with a clearly defined organization structure, intensive budgeting and performance measurement criteria and alignment of roles between Corporate Office, Zonal Offices, Regional Offices and Branches.
Human Resources continued to be a top priority for your Bank during last year. For the first time, a number of reward and recognition programmes were initiated. The promotions and postings were completed in a record time. Your Bank also successfully completed its first ever Employee Stock Purchase Scheme (ESPS) which mobilized Rs.500 crore with per employee contribution highest among the Public Sector Banks reinforcing the trust our employees have in our Bank’s future.
The digital transformation journey picked up rapid pace with faster implementation of new version of CBS, complete revamping of the website, internet banking, mobile banking utilities, and creation of a data analytics center of excellence. Chat bots for customer queries and fintech engagements were the other highlights of the forward looking and forward thinking initiatives of your Bank.
Business Performance witnessed a pickup in the last two quarters. MSME performance, however remained a little lackluster, for which a number of new initiatives have been taken. The housing loan portfolio in the last two quarters grew by 3.46%. CASA as a percentage of total deposits grew from 33.33% as on Mar-2018 to 36.77% as on Mar-2019. Corporate Credit grew both quantitatively and qualitatively. One signal feature of the growth was in large credits, with ratings A and above grew from 65% to 68% during the last two quarters. The Treasury and Investment portfolio too witnessed qualitative shifts and growths both in volume and profitability.
Your Bank has effectively implemented the EASE (Enhanced Access and Service Excellence) framework of Government of India and achieved a commendable 6th position under EASE index among 21 PSBs.
Your Bank has received a capital infusion of Rs.3,963 crore from the Government of India during FY 2018-19 and this, combined with ESPS mobilization, ensures your Bank remains well capitalized.
Your Bank has a rich history and is a trusted brand which we continue to leverage and build upon as we reposition ourselves to leap frog into a solid future of possibilities. The Vision, Mission and Value Statement has been redesigned. The Logo transformation process is underway to give an image makeover for the Bank.
In conclusion we continue to stay focused on our top priorities:
1. Delight our customers
2. Satisfy our employees
3. Adhere to the highest standards of compliance and governance
4. Provide best-in-class returns for all our stakeholders
I would also like to put on record my appreciation for the active and positive contribution of all the Directors and leadership of the Bank in ensuring success.
As we look with renewed enthusiasm to the future, I would like to take this opportunity to thank all of you, our shareholders, our employees, our customers and the Government of India for the unstinted support and belief in us.
Place : Manipal (Ajay Vipin Nanavati)
Date : 24.05.2019 Chairman