Andhra: AGM of Co-op bank held

The Visakhapatnam Cooperative Bank in Andhra Pradesh recently held its 99 th annual general meeting at Ambedkar Auditorium in the town. The bank chairman Mr. Raghavendra Rao presided over the meeting. The bank has announced a dividend of 12 percent and interest of 8 percent on share capital to its shareholders.

The Visakhapatnam bank has a network of 35 branches with deposits of Rs. 1,905.85 crore and advances of Rs. 1,264.13 crore. The bank’s share capital stands at Rs. 92.33 crore boasting nearly half a lakh members. The bank has raked it a profit of Rs. 14.64 crore in , during the current year.

As per the report made public by the bank, the bank’s NPA counts 1.36 percent of the advances. Following the division of Andhra Pradesh the bank has amended its bylaws and transformed itself into a multi-state entity.

The AGM adopted condolence resolutions on the recent demise of the bank’s director and scores of shareholders.