Mumbai (Maharashtra) based G S Mahanagar Cooperative Bank announced to give a 15 percent dividend to its shareholders. The announcement was made during the 50th Annual General Meeting of the bank held last week.
During the year the business mix of the bank stood at Rs 4,483 crore. The deposits and advances of the bank stood at Rs 2,929 crore and 1,554 crore as on 31st March 2023.
Talking to the Indian Cooperative correspondent, the bank Managing Director Manjunath T Kanchan said, “Our performance in 2022-23 was satisfactory and announced a 10 percent dividend to our shareholders. This year, we have given a 5 percent extra dividend for the Golden Jubilee, the total of 15 percent dividend to be disbursed to the members”.
“Besides, we have also come in the Financially Sound and Well Managed (FSWM) category. Our net NPA decreased from 3.12 percent (2021-22) to 2.46 percent in the 2022-23 FY”, said Kanchan to this correspondent on the phone.
The bank was established on 06.10.1973 and has a network of 67 branches in different parts of Maharashtra.