The 293rd meeting of Board of Directors of Nagaland State Cooperative Bank (NStCB) held recently said the the Bank has earned a gross income receipt of Rs 313.26 lakhs.
The Board meeting was held in the Conference Hall of Chief Secretary, Nagaland Temjen. The Chairman of the Bank presided over the meeting. A total of 27 Action Taken Reports (ATR) and Agenda items were placed before the Board and decision taken accordingly.
The Board also reviewed the achievements of the bank during the 1st Quarter and noted that during the quarter under review the bank has achieved an overall growth of 3.51% on deposits with a growth of 3.01% on CASA deposits.
Growth on loans and advance was achieved at 10.66% during the quarter with a CD ratio of 68.73%. The bank has earned income from interest on loans and advances, to the tune of Rs 1385.49 lakh, from investment Rs 173.33 lakhs and other income Rs 13.19 lakhs culminating into a gross income receipt of Rs. 313.26 lakhs.
The bank has incurred an expenditure of Rs. 1258.75 lakhs. The gross income of Rs. 1572.01 lakh of the bank up to the quarter after providing for total expenditure of Rs.1258.75 lakh has netted an income of Rs. 313.26.00 lakh as on 30 June 2019.
Kekhwengulo Lea, Vice Chairman of the Bank, L Akato Sema, Commissioner & Secretary, Nagaland, Wepe Ritse, RCS, Nagaland, L Leivang, GM(OIC), NABARD, R.O. Nagaland, R.Lipoktoba Aier, MD, NStCB and elected Board of Directors and Co-opted Directors were present in the meeting. The Board also approved the notice of the 50th Annual General Meeting and fixed the date for convening the meeting on 25 October 2019.