Uttar Pradesh based Muzaffarnagar District Cooperative Bank has earned a net profit of Rs 7.28 crore in the 2019-20 financial year, it was revealed during its 87th annual general meeting held recently.
Addressing the meeting the bank Chairman Satpal Singh said, “To attract more and more customers we are reducing the rate of interest on several loan schemes. We will open new branches in near future. He also praised the efforts of the bank personnel during the Covid period”.
The bank CEO Ashok Vardhan presented the bank’s annual reports. He announced that the bank has earned a net profit of Rs 7.28 crore in 2019-20.
During the period there has been 7.85 percent increase in capital, 9.31 spike in deposit, 12.21 percent increase in working capital and 9.39 percent in crop loan disbursement.