Vizag Coop Bank earns 67-cr profit in FY22
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Visakhapatnam: Visakhapatnam Cooperative Bank Ltd at its 107th AGM on Sunday disclosed that it earned a net profit of Rs 66.81 crore during 2021-22, said Chalasani Raghavendra Rao, Chairman of the bank in a meeting.
The bank commenced its operations on February 5, 1916 and was serving people since 106 years successfully. Now the bank has entered into 107th year of service. The bank is having 46 branches in Andhra Pradesh and four branches in Hyderabad of Telangana making a total of 50 branches. The bank is the only Multi State Cooperative Bank in AP with over 25 ATMs. The Chairman appraised the position of the bank as on 31 March, 2022 to the members. The bank's deposits were Rs 3,889.28 crore and advances were Rs 2,863.54 crore making a total business of Rs 6,752.82 crore.
The total share capital of the bank was Rs 272 crore with a total membership of 92,200 and the net NPA stood at 0.47 per cent as on 31 March 2022. Targets for the year 2022-2023 is to mobilise deposits of Rs 4,322.27 crore and advance loans of Rs 3,247.03 crore.
The Bank has earned a net profit of Rs 66.81 crore for the financial year 2021-22 from which statutory reserves are allotted as per the regulation and a dividend of 10 per cent which is Rs 24.96 crore is declared to pay to the members of the bank, for which the AGM has unanimously approved. The Chairman said that although the bank was hit worst by the Covid-19 second wave and a large number of employees were succumbed by the virus but still the management has planned in such a way that the services at the bank branches are not affected. He also made a special mention that the bank has paid Rs 6.43 crore to 2,392 members through bank's welfare schemes.
Bank's Chairman Emeritus Manam Anjaneyulu said that the Visakhapatnam Cooperative Bank is working towards the welfare of the middle class and low middle class group of people in the society who are really in need of money during the pandemic time and to support them the bank has given member loans for a very low interest of 6 per cent.
