The Visakhapatnam Cooperative Bank, recognized as the largest Multi-State Cooperative Urban bank in South India, has declared a significant dividend of 12% to its shareholders, showcasing robust financial health and confidence in its operational stability and growth.
This announcement was made during the Annual General Meeting (AGM) held on June 23, 2024, at Kakatiya Function Hall in Visakhapatnam, which was the culmination of a series of 50 Branch General Body meetings conducted over the course of 21 days.
During the AGM, presided over by Chairman, Chalasani Raghavendra Rao, comprehensive details of the bank’s performance in the previous fiscal year were presented. The bank demonstrated commendable growth across various segments, highlighting its resilience and adaptability in a competitive market.
The financial metrics presented included a total business mix of Rs 7,347.54 crores, consisting of Rs 4,148.30 crores in deposits and Rs 3,199.24 crores in advances, with a total membership reaching 1,04,865. The bank also reported a share capital of Rs 352.61 crores, reserves of Rs 431.30 crores, and a net worth of Rs 616.45 crores. The profitability was notably strong, with the bank achieving profits of Rs 87.79 crores, and maintaining a gross NPA at 2.29% and a net NPA at 0%.
Looking to the future, The Visakhapatnam Cooperative Bank Ltd has set an ambitious target to achieve an ?8,000 crore business mix for the fiscal year 2024-25. This target represents a significant increase and reflects the bank’s aggressive growth strategy. The leadership has outlined several key initiatives aimed at driving this growth, including expanding product lines, entering new markets, and leveraging advanced technologies to enhance operational efficiency.
To reach its lofty goals, the bank plans to focus on key strategic areas including Market Expansion. The bank aims to penetrate new geographical markets and strengthen its presence in existing ones. This includes exploring opportunities in international markets and capitalizing on emerging markets with high growth potential.
Bank is also working on Innovation and Technology. A cornerstone of VCB’s strategy will be to invest in cutting-edge technologies and innovative solutions to enhance product offerings and improve customer experiences through digital transformation and advanced analytics.
Besides, the focus of the Bank is also on Sustainability and Corporate Responsibility. VCB is committed to sustainable practices and corporate social responsibility, continuing to implement eco-friendly initiatives and contributing positively to the communities it serves.
Lastly, it wishes to develop talent. Recognizing its employees as its greatest asset, VCB plans to invest in talent development programs, including training, leadership development, and fostering a culture of innovation and collaboration.
The 12% dividend declared is a testament to the bank’s strong performance and its commitment to returning value to its shareholders. As shareholders left the meeting, there was a palpable sense of optimism about the bank’s direction and its strategies for achieving its ambitious targets. With these plans in place, The Visakhapatnam Cooperative Bank Ltd is poised for sustained growth and profitability, ensuring its position as a leader in the financial sector in the years to come.
