Even during the Covid-19 crisis, Uttarakhand based Kurmanchal Nagar Sahakari Bank has maintained the winning streak by posting Zero Net NPA for 2019-2020 financial year. The total business stood at Rs 2,931.12 crore as on 31st March 2020, this was revealed during the 38th Annual General Meeting held recently through video conferencing.
The bank has performed well in the 2019-2020 financial year. The performance of the bank becomes all the more impressive due to the fact that the 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 meeting was presided over by Vinay Sah, Chairman of the bank.
The total business of the bank increased from Rs 2,832.74 crore from the last year to Rs 2,931.12 crore as on 31st March 2020, said Akshay Sah, CEO of the bank to Indian Cooperative on the phone.
“Despite unfavourable market conditions, total deposits of the bank increased from Rs 1,853.61 crore as on 31.03.2019 to Rs 1,921.90 crore as on 31.03.2020 whereas total loans & advances increased from Rs 979.13 crore as on 31.03.2019 to Rs 1009.22 crore as on 31.03.2020”, he said while reeling off the figures.
The net NPA of the bank remains Zero and Gross NPA stood at 4.02 percent as on 31st March 2019-2020. The bank has earned a net profit of Rs 13.65 crore and gross profit of Rs 35.38 crore.
In the wake of restrictions from Reserve Bank of India on giving dividend to its members, the bank has announced dividend but will give only after RBI’s permission.
Over 70 members attended the meeting through video conferencing. Delegates were told during the meeting that the bank’s share capital stood at 39.43 crore as on 31 March 2020.
In the meeting, the bank’s secretary and CEO Akshay Sah said that 63.75 percent of the total loans and advances were disbursed to the priority sector by the bank.
Bank’s Vice-President Ghanshyam Singh Bisht proposed a vote of thanks. The meeting was attended by Dinesh Chandra Sah, Devendra Lal, Urmi Sah, Bharat Lal Sah, Indra Singh Parihar and others.
The bank has 41 branches across Uttarakhand.