Mumbai based Multi-State Scheduled Bank Citizen Credit Cooperative Bank recently concluded its 21st Annual General Meeting at Dr. Antonio Da Silva Hall, Dadar, Mumbai where it was announced that the UCB has decided to give 16 percent dividends to its members.
While presenting the financial details, the bank Chairman Anthony D’Souza said, “The Bank’s total deposit stood at Rs 3069.28 crore as it grew to Rs 145.26 crore at 4.90% rate in the current year. Last year it was 2924.02 crore.
He further said, “In the FY 2016-17 the total business mix was Rs 4,410.48 crore where as in FY 2017-18 the total business stood at Rs 4,423.09 crore. The Bank’s total credit portfolio stands at Rs 1353.81 crore as of March 31, 2018”, he asserted.
The UCB, however failed to check its NPA even this year. “The Gross and Net NPAs in 2016-17 were 5.88% and 2.29% respectively whereas in the FY 2017-18 the Gross and Net NPAs stood at 6.26% and 2.64% respectively,” the Chairman added.
However, Citizen Credit Cooperative Bank has earned a net profit of Rs 18.06 crore in last FY 2017-18. D’Souza said deposits to the tune of over Rs 6 crores are being diverted into investment in Mutual Funds through the Bank’s agencies.
Meanwhile, Citizen Credit Cooperative Bank has also created a centenary fund of Rs 1 crore which can be used for centenary celebrations in the year 2020. There will be a series of programs arranged for the members, the customers and for the staff as well, Chairman informed the delegates.
The bank has opened three branches in this FY at Boisar, Virar, and Nashik. The board aims at 50 branches in the centenary year 2020. Presently the bank is having a network of total 45 branches spread over the states of Maharashtra, Goa, Union Territory of Daman and Karnataka. The Bank will open two more branches in the current FY.
The Bank has announced 16 percent dividend for the shareholders. The Bank Vice-Chairman Donald L.Credo, CEO & MD, Geeta C Andrades, scores of delegates and others were present on the occasion.
Citizen credit Cooperative Bank was established as Bombay Urban Catholic Credit Society which was registered on May 8, 1920. Thereafter the institution was converted into Citizen Cooperative Bank Limited by the RCS under MSCS Act.