Maharashtra based Adarsh Nagari Sahakari Patsanstha gave 11 percent dividend to shareholders during its Annual General Meeting held last week.
Addressing the AGM, Chairman Abhjiit Patil said, “Our society is on a growth path and did well on all the financial parameters in the last financial year. The society is planning to expand its branch network in other parts of Maharashtra”.
“We have 16 branches in six districts of Maharashtra and are planning to open branches in Pune and other districts of the state. Besides, we are eying more than Rs 600 crore business mix at the end of the current financial year”, Patil said.
The cooperative society is creating milestones in cooperative development. It has earned a profit of Rs 4.81 crore in 2022-23, against Rs 3.68 crore earlier. The deposits grew from Rs 249 crore in 2021-22 to Rs 302 crore in 2022-23 whereas advances rose from Rs 173 crore to Rs 205 crore.
The bank’s business mix stood at Rs 508 crore as on 31st March 2023. The net NPA remained ‘Zero’ and gross NPA stood at less than 1 percent.
The society recently launched a QR code facility for making payment easier for its users. It is worth mentioning that the society is working hard to cater to the financial needs of street vendors and other small businessmen.
Adarsha Nagari Sahakari Patsanstha was established in 1998 and in a short span of time the society has done well. More than 18k shareholders are associated with the society.