The biggest Urban Cooperative Bank of South India-the Visakhapatnam Cooperative Bank has registered improvement across fields including deposits, loans and advances and even earning handsome profits in the 2021-22 FY.
The UCB’s total business rose from Rs 6,617 (2020-21) to Rs 6,797 crore (2021-22). The deposits increased from Rs 3,898 crore to Rs 3934 crore whereas loans and advances grew from Rs 2719 crore to Rs 2863 crore as of 31st March 2022, according to the unaudited figures shared by the bank with Indian Cooperative.
Besides, the bank’s gross and net NPA stood at 4.02 percent and 0.50 percent respectively. The bank earned a net profit to the tune of Rs 63.28 crore, registering a growth of 40.28%.
The Bank Chairman Raghavendra Rao has expressed happiness and gratitude for the unstinted support and cooperation of Board Members, General Members, depositors, borrowers, well-wishers and all patrons.
The Chairman has placed on record the contributions of all the bank officials and staff members in creating an atmosphere of trust and faith among customers and the general public with their dedication and service orientation towards the utmost satisfaction of customers.
It is a Multi-State Cooperative Bank offering services to a varied clientele through its 50 branches operating in both Andhra Pradesh and Telangana and ranking 18 among all urban cooperative banks in the entire country, based on various parameters applicable to the banking industry.
The total members counting 3,661 with share capital of Rs 9 lakh in 1984-85 have grown to 92,200 members with share capital of 272.02 crs in the year 2021-22 and thus it has become the biggest cooperative urban bank in South India.
The cooperative bank in the year 2016 had achieved the biggest milestone by completing 100 years of existence. Established in the year 1916, the bank faced many hardships, yet had continuously been on the path of growth till 1983.
The bank will continue to serve patrons in a much better way using the latest technology to win more laurels in the days to come, said one of the senior officials of the bank.