Bank sanctioned 14 per cent dividend to its members and has deposits of Rs.123.36 crore

The Bharat Heavy Electricals Limited Employees Cooperative Bank earned a net profit of Rs. 5.98 crore in 2012-13.

The bank has been registering profit continuously even since it was set up 47 years ago. The bank sanctioned 14 per cent dividend to its members. The bank has deposited a sum to the tune of Rs. 123.36 crore in nationalised banks, State, and district central cooperative banks, and in the savings bonds issued by central and State government agencies, said V. Nedunchezhian, president of the bank, while addressing the annual general body meeting here recently.

Following the request of the office-bearers, the government had appointed S. Krishnamoorthy, former secretary of the bank and senior manager-finance, BHEL, as the Managing Director of the bank, he said.

Mr. Krishnamoorthy accounted for 14,252 members and a share capital of Rs.34.56 crore at present. The bank has five branches and Rs.754 crore deposits. R. Kalyankumar, vice-president of the bank, said that four safe deposit lockers had been set up in the head office, two in Ranipettai branch and one in Kattur branch.

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