Gujarat based Rajkot Nagarik Sahakari Bank organized its 68th Annual General Meeting last week, in which RBI Central Board Director Satish Marathe and RSS Kshetriya Karyavaha of Goa, Maharashtra & Gujarat Balasaheb Chaudhary were the guests of honour on this occasion.
In the 2021-22 FY, the bank crossed the business mix of more than Rs 8,300 crore and earned a net profit to the tune of Rs 81.25 crore, registering a growth of 10.85 percent.
Though, the bank performed well on all the financial parameters but registered a slight decrease on advances portfolio. During the year, the bank succeeded in achieving the Zero net NPA. The gross NPA stood at 5.12 percent.
The deposits of the bank grew from Rs 5,139 crore (2020-21) to Rs 5,295 crore in the 2021-22 FY whereas advances decreased from Rs 3,135 crore to Rs 3,009 crore as of 31st March 2022, registering a decline of 4.02 percent.
Commenting on the bank’s financial report Marathe who attended the meeting wrote on facebook, “At a time, when many UCBs are passing through stress, for the year ended 31st March 2022, the performance of RNSB has been spectacular”.
As of 31st March 2022, the bank earned a net profit of Rs 81.25 crore. Earlier, i.e. in 2020-21, it was Rs 73.30 crore. The total membership of the bank crossed to 3.11 lakh. The Capital to Risk Weighted Asset Ratio (CRAR) of the bank stood at 18.41%, which is much higher than the 9% prescribed by the Reserve Bank of India.
At the end of the Financial Year 2021-22 the Bank has got its own premises for 30 out of 38 Branches. Out of 38 branches, the bank installed solar plants at 21 branches and the head office of the bank.
The bank proposed a dividend of 18% for the year 2021-22.
The bank Chairman Shaileshbhai Thakar, Director Jyotindra Mehta and other leading cooperators including bank’s shareholders attended the meeting.