When all UCBs– big or small are grappling with adverse market conditions, Uttarakhand based Kurmanchal Nagar Sahakari Bank performed well in the last financial year 2018-19.
The bank has earned a net profit of Rs 17.12 crore as March 2019 and announced 12.5 percent dividend for its shareholders. The performance of the bank becomes all the more impressive due to the fact that the UCB Kurmanchal Nagar Sahakari bank is doing well in areas where the co-op movement is not as strong as it is in Maharashtra or Gujarat.
The total business of the bank increased from Rs 2,524.03 crores from the last year to Rs 2,832.74 crores as on 31st March 2019 showing a growth of 12.23%, revealed Vinay Sah, Chairman of the bank while addressing the 37th Annual General Meeting at Nainital last week.
“Despite unfavorable market conditions, total deposits increased from Rs 1686.83 crores as on 31.03.2018 to Rs 1,853.61 crores as on 31.03.2019 showing a growth of 9.11%, whereas total loans & advances increased from Rs 837.20 crores as on 31.03.2018 to Rs 979.13 crores as on 31.03.2019 registering a growth of 16.95%”, he said while reeling off the figures.
The net profit of the bank in comparison to the last FY 2017-18 has increased. The bank achieved a net profit to the tune of Rs 17.12 crore as on 31.03.2019. The bank has registered a growth of 26.53% in profit.
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 12.5 percent dividend for 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, Govind Ram Raturi, Akshay Sah, CEO and others were present on the occasion. The bank has 41 branches across Uttarakhand.
Kurmanchal Nagar Sahakari Bank Vice-Chairman Ghanshyam Bisht proposed a vote of thanks.