Uttarakhand State Co-op Bank holds 19th AGM; profit rises

Uttarakhand State Cooperative Bank has crossed a business turnover of more than Rs 4k crore which comprises deposits, advances and borrowings and earned a net profit of Rs 10.95 crore in 2020-21, despite covid-19 odds.

The bank has performed well on all the financial parameters and the figures were revealed in the 19th Annual General Meeting of the bank held on Monday at Haldwani.

The total business of the bank increased from Rs 3,3577 crore to Rs 4,412 crore as on 31st March 2021. The deposits grew from Rs 2,042 crore to Rs 2,159 crore whereas borrowings rose from Rs 1,316 crore to Rs 1,726 crore.

Soon after the AGM, talking to Indian Cooperative the bank Chairman Dan Singh Rawat said, “Despite adverse marketing conditions and challenges that had arisen due to Covid-19, we are able to perform well on all the financial parameters.

Thanking employees for their efforts, Rawat said  “This has been possible due to the support of the management, the MD and other employees. Last year i.e. 2019-20, after making provisions we had earned only Rs 2.24 crore as profit but this year we have earned a profit of Rs 13 crore and after making a provisions of around Rs 2 crore, our profit as on 31st March 2021 stood at Rs 10.95 crore”.

At present we are focusing on recovery of bad loans and taking strict action against the defaulters, said the Chairman. With the announcement of a one-time settlement scheme, borrowers are paying back their remaining amount, he noted.

“The bank has decided to disburse a loan worth of Rs 2,580 crore in the 2020-21 FY”, Rawat said to this correspondent on the phone.

The net NPA of the bank came down from 7.34 percent to 5.75 percent in the 2020-21 FY. As on 31st March 2021, the bank CRAR stood at 10.54 percent. The own fund and share capital of the bank stood at Rs 235 crore and Rs 805 crore. The gross NPA reduced from 9.30 percent to Rs 7.62 percent in the 2020-21 FY.

Meanwhile, the bank is also in the process of constructing its own guest house and world class training centre at Dehradun to train co-operators. “We have seen several state cooperative banks having their own co-op training centres but, in our state, there is no centre except ICM which is a government entity.

“Besides, we are also planning to build the guest house and open branches at Gairsain which has been declared the summer capital of Uttarakhand”, the Chairman said.

On the occasion, the bank’s board members Mahavir Prasad, Geeta Rawat, Kiran Negi, Amit Chauhan, Sunil Singh, Managing Director In-charge, Era Upreti, Deepak Kumar and others were present.