Uttarakhand’s leading cooperative bank- Kurmanchal Nagar Sahkari Bank’s business crossed more than Rs 3800 crore and earned a handsome profit of Rs 39.30 crore in the 2023-24 financial year, breaking all its past records.
The bank has performed well on all the financial parameters in 2023-24 FY, which was revealed during the 42nd Annual General Meeting of the bank held recently under the Chairmanship of Vinay Sah.
As of 31st March 2024, the bank’s share capital stood at Rs 49.84 crore, with a total business of Rs 3,866.67 crore. The total deposits amounted to Rs 2,482.05 crore, while total loans and advances were Rs 1,384.62 crore.
The Credit-Deposit (CD) ratio of the bank was recorded at 55.79%. For the first time, the bank achieved the highest Gross Profit of Rs 39.30 crore and a Net Profit of Rs 23.01 crore. The Capital Adequacy Ratio (CRAR) was 20.56%.
It was further informed in the meeting that the bank opened four new branches during the financial year 2023-24, expanding its branch network to 45 branches. The bank is continuously striving to expand its business operations.
In his address, the bank Chairman Vinay Sah expressed his heartfelt gratitude to the Reserve Bank of India, the Department of Cooperation, and Chartered Accountants for their guidance to the bank. He also appreciated the bank’s dedicated employees for their relentless efforts in contributing to the bank’s progress.
“Presently, the bank provides various digital banking services to its esteemed customers, including transaction-enabled Internet banking, QR code services, and PayTM POS facilities. The bank is committed to offering enhanced digital banking services and is among the few banks that offer monthly interest payments on savings accounts”, he said.
The bank’s Secretary and Chief Executive Officer, Mr. Akshay Kumar Sah, informed the gathering that as of 31st March 2024, the bank’s Priority Sector Lending stood at 72% of adjusted net loans and advances, exceeding the regulatory requirement of 60%.
The business per employee was Rs 1,157.68 lakh. Due to effective NPA management, the bank’s Gross NPA was 2.30% of total loans and advances, while the Net NPA was zero.
The AGM was graced by Sangeeta Sah, Shailendra Pant, Dr. Kedar Paldiya, Kesar Singh Mehra and others.
On this occasion, the Almora branch was recognized as the Best Large Branch, and the Ranikhet branch was honored as the Best Small Branch for the financial year 2023-24. Meritorious children of the bank employees were also felicitated during the event.
The bank’s Vice Chairman Suresh Kumar Jain extended a vote of thanks, expressing gratitude to the Reserve Bank of India, the Registrar of Cooperative Societies Uttarakhand, and the Chartered Accountants for their valuable guidance to the bank.
