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Co-op bank earns profit

Staff Reporter

VISAKHPATNAM: The Visakhpatnam Co-operative Urban Bank earned a profit of Rs. 3.41 crores for the financial year 2005-06, Manam Anjaneyulu, bank chairman, announced here on Sunday.

Presiding over the 91st annual general meeting, he said that of the profit, Rs. 85.42 lakhs would go to the reserve fund, Rs. 41.6 lakhs to deficit cover fund, Rs. 42.71 lakhs to building fund, Rs. 5.83 lakhs to staff bonus and ex gratia, Rs. 79.2 lakhs for dividend, Rs. 79.2 lakhs for interest on share capital and Rs. 7.7 lakhs for investment fluctuation reserve. The meeting resolved to give a dividend of 12 per cent, including 6 per cent interest.

Mr. Anjaneyulu said the bank had got recognition as Grade One bank and stood first in the non-scheduled co-operative urban banks by improving performance in deposits, sanction of loans and share capital when compared to the previous year.

Role for depositors

Deposits recorded a growth of 7.24 per cent and sanction of loans went up by 29.3 per cent while share capital improved by 23.18 per cent.

He said more efforts would be made to involve depositors in share capital and deposit mobilisation and to realise arrears. He criticised the Union Government for imposing income-tax burden on co-operative banks and described it as a move that would hit the sector hard.

He felicitated Lavu Rattaiah, Chairman of Vignan Educational Society, Ch.V.K. Narasimha Rao, secretary and correspondent of Sri Prakash Insitutions and Gadi Benna Swamy , secretary and correspondent of Mother Educational society, all of them bank members on the occasion.

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