VCBL declares 10% dividend, sets Rs.7.6k-cr turnover target
VISAKHAPATNAM Cooperative Bank Ltd (VCBL), one of the oldest urban cooperative banks set up in 1916, has earned a net profit of Rs 45.11 crore during 2021-22. At its 106th annual general meeting held recently, a decision was taken to declare a 10 percent dividend amounting to Rs. 23.89 crore.
VCBL declares 10% dividend, sets Rs.7.6k-cr turnover target
Visakhapatnam: VISAKHAPATNAM Cooperative Bank Ltd (VCBL), one of the oldest urban cooperative banks set up in 1916, has earned a net profit of Rs 45.11 crore during 2021-22. At its 106th annual general meeting held recently, a decision was taken to declare a 10 percent dividend amounting to Rs. 23.89 crore.
Bank Chairman Chalasani Raghavendra Rao, who presided over the meeting, apprised the shareholders the position of the bank as on March 31, 2021. He said the bank deposits were Rs 3,853.39 crore and advances stood at Rs 2,719.43 crore making a total business of Rs 6,573.01 crore. The total share capital of the bank was Rs 251.40 crore with a total membership of 90,776 and the net NPA standing at 1.65 percent on March 31, 2021. The bank has set a target of Rs 7,558 crore for FY 2021-22.
The bank commenced its operations on February 5, 1916. VCBL has entered 106th year of service with 46 branches spread over 13 districts of Andhra Pradesh and four branches in Hyderabad. The bank is the only Multi State Cooperative Bank in AP with over 25 ATMs. The chairman told the members that the bank has a share capital of Rs 251.40 crore. The bank has purchased new premises for Nakkavanipalem branch in the city with which the total bank-owned properties have become 14 including head office at Dwarakanagar. The Chairman said that although the bank was hit badly by Covid-19 pandemic during the second spell, it took several steps to protect its employees.
Bank's Chairman Emeritus Manam Anjaneyulu in his address said VCBL is working towards the welfare of the middle class and lower middle class people who are in need of money during the pandemic. The bank has given loans at low interest rate of 6 per cent to help them. He said they could achieve a very low net NPA by ensuring that the borrowers paid the EMIs on time. Anjaneyulu said the cooperative banks in India are facing trouble from both the government and Reserve Bank of India, as many amendments are being made to weaken the sector.
