AGM: Kudos to Kurmanchal Nagar Sah Bank as it beats odds!

When small and big UCBs are grappling with the aftershock of demonetization, Uttarakhand based Kurmanchal Nagar Sahakari Bank performed well in the last financial year 2017-18. The total business of the bank increased from Rs 2,293.45 crores from the last year to Rs 2,524.03 crores as on 31st March 2018 showing a growth of 10.05%, revealed Vinay Sah, Chairman of the bank while addressing the 36th Annual General Meeting at Nainital last week.

One can also not overlook the fact that the UCB Kurmanchal Nagar Sahakari Bank is doing well in an area where the co-op movement is not as strong as it is in Maharashtra or Gujarat.

“Despite unfavorable market conditions, total deposits increased from Rs 1,546.06 crores as on 31.03.2017 to Rs 1,686.83 crores as on 31.03.2018 showing a growth of 9.11%, whereas total loan & advances increased from Rs 747.39 crores as on 31.03.2017 to Rs 837.20 crores as on 31.03.2018 registering a growth of 12.02%”, he said while reeling off the figures.

However, the net profit of the bank in comparison to the last FY 2017-18 has decreased because the bank has made several provisions in income tax in the FY 2017-18. The bank achieved a net profit to the tune of Rs 13.53 crore as on 31.03.2018 against Rs 13.77 crores as on 31.03.2017.

Sah further informed the delegates that ”we will start the new facility of net banking for our valuable customers as well as depositors besides other facilities. The bank has announced 12 percent dividend to its more than 25,000 shareholders, he said proudly.

Sah presented the financial report, which was unanimously passed by the delegates. He urged upon the employees of the bank to give better services to customers and focus on the Anytime Banking and Anywhere Banking Model. The wards of employees were also felicitated who had scored good marks in 10th and 12th classes.

 The bank Vice-Chairman Ghanshyam Bisht, Directors, Bharat Lal Sah, Durga Das Sah, Lalit Sah, Akshay Sah, CEO and others were present on the occasion. The bank has 41 branches across Uttarakhand.

Kurmanchal Nagar Sahakari Bank Director Govind Ram Raturi proposed a vote of thanks.

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