Uttarakhand based Kurmanchal Nagar Sahkari Bank has crossed the business mix of more than Rs 3500 crore and earned a net profit to the tune of Rs 21.55 crore in the 2021-22 FY.
The figures were revealed during the Annual General Meeting held on 24th September 2022, which was presided over by the bank Chairman Vinay Sah.
The bank registered a growth on deposits as well as loans and advances. Not only this, the bank this year also maintained the tradition of ‘Zero’ Net NPA, while other co-operative banks are grappling with the increase in their NPA levels due to Covid-19.
The performance of the bank becomes all the more impressive due to the fact that the Kurmanchal Nagar Sahkari 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 3,230 crore from the last year to Rs 3,514 crore as of 31st March 2021, “Despite unfavourable market conditions, total deposits of the bank increased from Rs 2,060 crore as of 31.03.2021 to Rs 2,208 crore as of 31.03.2022 whereas total loans & advances increased from Rs 1,170 crore as of 31.03.2021 to Rs 1,306 crore as of 31.03.2022”.
The bank’s reserves and other funds increased from Rs 192 crore to Rs 207 crore as on 31st March 2022. The bank’s share capital stood at 45.35 crores in the 2021-22 FY.
The CD Ratio of the bank was 59.16%. The Capital Adequacy of the Bank (CRAR) was maintained at 17.55% against mandated requirement of 9%.
Meanwhile, the bank is also making continuous progress in the field of digitalization. In this connection, the bank is providing the e-lobby facility to its customers. The bank has a network of 41 branches in the state, he added.
The Bank’s Vice-President Suresh Kumar Jain proposed a vote of thanks. The meeting was attended by Girish Pathak, Pitambar Pant, Rajeev Kumar Gupta, the bank CEO Akshay Kumar Sah and others.
