Maharashtra based Multi-State Scheduled Bank NKGSB Cooperative Bank has recently organized its 101st Annual General Meeting at Indian Education Society’s Pracharya B.N. Vaidya Sabhagraha, Dadar, Mumbai.
While addressing the AGM Kishore Kulkarni, Chairman of the bank said, “The Financial Year 2017-18 was marked by critical economic conditions. Challenges arising out of impact of demonetization and implementation of GST (Goods and Services Tax) affected the business climate in the first half of the year”.
“In the last FY 2017-18, the repayment of loans by borrowers slowed down substantially. Gross NPA increased from 4.76% to 5.97% and net NPA from 2.94% to 3.66%. Whereas the BoD of the Bank adopted various control measures and formed various committees at Board and Senior Management levels and down below by taking various measures and legal action on war-footing”, Kulkarni asserted.
However, the Bank could succeed in achieving a marginal increase in Net Profit from Rs 46.55 Crore in the previous year to Rs 48.53 Crore in 2017-18.
The Deposits of the Bank witnessed a marginal fall by 2% and reached Rs 6,945 Cr. as at March 31, 2018, as against Rs 7,095 Cr. in the previous year. Advances increased by 4% and reached Rs 5,311 crore as against Rs 5,128 Crore in the previous year. The business mix has grown by 0.27% to Rs 12,256 Crore in 2017-18 as against Rs 12,223 crore in the previous year.
The bank has announced 10 percent dividend for its Shareholders. The Bank has introduced the facility of Pass-book printing through Kiosk machines at some of the leading branches of the Bank.
Bank Managing Director Chintamani Nadkarni, board members, hundreds of delegates and others were present on the occasion.
Readers would recall that Chairman of the bank Kishore Kulkarni inaugurated NKGSB Bank Centenary Skill Development Centre at World Konkani Centre (WKC) in Mangalore in February 2018.
The bank was established in September 1917. The bank has a network of over 108 branches spread across Maharashtra, Goa, Karnataka, Gujarat and Madhya Pradesh.
If u see all urban coop banks growth rate is down some of them showing negative but neverheless your bank shown good net profit i personally congratuate mr chintamani nafkarni and his team. Under his leadership bank will perform well. All tge best of current year.