Punjab based Citizens Urban Cooperative Bank held its 29th Annual General Meeting at Victoria Garden on Wednesday, where it was revealed that the bank has performed well in all the fields in FY 2018-19.
Talking to Indian Cooperative the bank Chairman and Nafcub Vice-President K K Sharma said, “We have performed well in all the fields despite unfavorable market conditions. Our deposits increased from Rs 711.85 crore to Rs 779.51 crore whereas loans and advances increased from Rs 369.17 crore to Rs 401.31 crore as on 31st March 2019”, he said.
The meeting was inaugurated by Punjab Industries and Commerce Minister Sunder Sham Arora who was invited as the Chief Guest. During the AGM, Arora was all praise for the bank and encouraged the staff members to work more for the development of the bank.
The bank has earned a net profit of Rs 3.86 crore. The net worth of the bank has touched Rs 58.36 crore as on March 31.
“This success had only been possible due to the hard work of employees and support of the members who had shown faith in the bank since years”, said K K Sharma to this correspondent on the phone.
The bank had declared a dividend of 9 per cent for its shareholders. The bank is having 15 branches across the Punjab and last year to generate more business the bank had shifted the Civil Lines branch to its own premises at Kirti Nagar, Ladowali Road.
All the branches of the bank have been fully computerized and air-conditioned providing all Modern Banking facilities to its customers.
The Citizens Urban Cooperative Bank, Jalandhar was started in 1989 with a meagre capital, few members and small operational limits of Jalandhar and Jalandhar Cantonment has become a leading Urban Cooperative Bank in Northern India in a short span.