Visakhapatnam Cooperative Bank eyes Rs 7,700-cr biz during FY24
Efficient fiscal management helped it earn surplus of Rs73.14 cr in FY23; Bank declares 12% dividend
Visakhapatnam Cooperative Bank Ltd Chairman Ch Raghavendra Rao (C) along with office bearers briefing about financial results on Monday
Visakhapatnam After earning a surplus of Rs73.14 crore following efficient fiscal management, Visakhapatnam Cooperative Bank Ltd, popularly known as VCB set up in 1916, has announced the decision to pay a dividend of 12 per cent to the shareholders.
After approval of financial results for the last fiscal at the 108th AGM held here on Sunday, the bank, which is making a strong bid to achieve scheduled bank status, resolved to achieve a target of business mix of Rs7,700 crore for FY 2023-24. VCB also wants to expand its network in Andhra Pradesh and Telangana. At present it has 50 branches spread over the two Telugu-speaking States. The bank has crossed Rs 7,026.64 crore of turnover with deposits of Rs 3,973.82 crore and advances to the tune of Rs 3,952.85 crore during 2022-23.
According to VCB founder Manam Anjaneyulu, Chairman Chalasani Raghavendra Rao and CEO P V Narasimha Murthy, the bank is ranked among top 10 to 15 in various parameters among 1,514 cooperative banks across the country.
They told the media on Monday that the bank’s membership has gone up to 92,831. VCB as per results announced for 2022-23, achieved a share capital of Rs 305.45 crore, investments of Rs 1,427.01 crore, reserves and provisions of Rs 388.72 crore, net worth of Rs 524.52 crore, working capital of Rs 4,757.74 crore. It pegged gross NPA to total business at Rs 145.02 crore and net NPA to total loans at Rs 36.02 crore.
Raghavendra Rao said they are trying to obtain permission from RBI to open more branches and expressed his anguish over removal of the post of Chairman Emeritus. The general body adopted a resolution decrying the decision and described it as ‘unconstitutional.’ The bank will take legal advice to decide future course of action over the issue. He said the bank is functioning upholding the principles of cooperation, ethics and values for the well-being of its members in particular and society in general. He said they have decided to improve its digital services, acquire buildings for its branches, contain NPA to less than three per cent and net NPAs to zero per cent.