The Kurmanchal Nagar Sahkari Bank, Nainital held its 43rd Annual General Meeting (AGM) at the State Guest House (Nainital Club), Mallital, Nainital last week. The meeting was chaired by Chairman Vinay Sah in the presence of Vice Chairman Suresh Kumar Jain, board members, representatives, and staff.
The AGM reviewed the audited financial statements for FY 2024–25. The bank reported a net profit of Rs 27.54 crore, compared to Rs 23.01 crore in the previous year. Share capital increased to Rs 53.16 crore, while overall business grew to Rs 4,129.53 crore.
Deposits stood at Rs 2,642.39 crore and advances reached Rs 1,487.14 crore. The bank maintained a robust Capital Adequacy Ratio (CRAR) of 20.16%, well above the mandated 12%, and a Credit-Deposit (CD) ratio of 56.28%. Notably, Gross NPA was contained at 2.08% and Net NPA was reported at zero.
The bank expanded its network by opening four new branches, bringing the total to 49. The AGM approved a 10% dividend for shareholders and sanctioned a maximum liability of Rs 4,184.40 crore for FY 2025–26. The gathering also endorsed amendments to the bank’s name spelling in Devanagari script and approved bylaw modifications.
Chairman Sah emphasized the bank’s digital progress, highlighting its migration to the secure domain kurmanchalbank.bank.in, bill payment services through internet banking, and ongoing work to introduce UPI-based mobile banking. He also noted that the bank offers the highest monthly interest of 3% on savings accounts in North India.
The meeting concluded with a vote of thanks by Vice Chairman Jain.
