The Visakhapatnam Cooperative Bank conducted its 106th Annual General Meeting last week at the MRC Kakatiya Cultural Association Convention Centre, Maddilapalem, Visakhapatnam, Andhra Pradesh.
The Chairman of the Bank Chalasani Raghavendra Rao presided over the meeting and said the total business of the bank as on 31.03.2021 is Rs 6,573.01 crore out of which deposits were Rs 3,853.39 crore and advances were Rs 2,719.43 crore.
The total share capital of the bank is Rs 251.40 crore with a total membership of 90,776 and the Net NPA stood at 1.65% as on 31.03.2021. The bank has set a target of Rs 7,558 crore for the financial year 2021-22, informs the press release issued by the bank.
For the financial year 2020-21 the bank has earned a net profit of Rs 45.11 crore from which statutory reserves are allotted as per the regulation and a dividend of 10% which amounts to Rs. 23.89 crore is declared to be paid to the members of the bank, which the Annual General Meeting was unanimously approved.
The Chairman said that although the bank was hit badly by the COVID -19 second wave and a large number of employees succumbed to the deadly coronavirus, the management planned things in such a way that the services at the bank branches were not affected.
In his remarks the Bank’s Chairman Emeritus Manam Anjaneyulu said that the Visakhapatnam Cooperative Bank is working towards the welfare of middle class and lower middle-class groups in society who are really in need of money during the pandemic times and the bank has given them loans on a low interest of @6%.
In his opening remarks on the occasion, the Chairman briefed the members on the history of the bank saying the bank, established in 1916, has since continuously been serving the people.
The Bank emerged as the biggest Cooperative Urban Bank in South India having 46 branches spread over 13 districts of Andhra Pradesh and 4 branches in Hyderabad of Telangana State. The bank has a total of 50 branches and 25 onsite ATMs.
