Delhi-based Vaish Co-operative Adarsh Bank organized its 53rd Annual General Meeting recently and announced a 12 percent dividend for its more than 21k shareholders.
The progress of the bank as of 31st March 2021 was not too shabby but the newly elected team of board of directors has vowed to pull off still higher levels of progress.
The deposits of the bank increased from Rs 138 crore (2019-20) to Rs 148 crore in the 2020-21 financial year. Due to a lockdown imposed in the country in the wake of Covid-19, the bank advances have slightly declined. The advances decreased from Rs 47 crore to Rs 40 crore as of 31st March 2021.
In 2020-21 the bank earned a net profit of Rs 45 lakh. The reserves of the bank rose from Rs 23 crore to Rs 24 crore. The share capital of the bank as of 31st March 2021 stood at Rs 396.18 lakh.
Besides, the biggest achievement is that the bank has auctioned the mortgaged property of M/S Pushpa builders in December 2020, through a court order. A sum of Rs 13.76 Crore was received in the auction from the highest bidder. The sale is yet to be confirmed by the Hon’ble High Court. The “Sale Certificate” is still to be issued as per procedures, which were delayed due to the Covid 19 Pandemic, said its Chairman Arun Jain.
“We are aiming to develop a new business for the bank and have plans to surprise our customers by announcing new schemes. We are looking forward to strengthening the bank in the best possible ways”, Jain added on the phone.
Readers would recall that the election of the bank was held last month and Jain won the election by a huge margin.
The bank has 11 branches across Delhi. Out of these 11 branches, six branches i.e. Darya Ganj, Karol Bagh, Azadpur, East of Kailash, Gandhi Nagar & Rohini are housed in the bank’s own premises.
