The Visakhapatnam Cooperative Bank (VCB) Limited has announced a dividend of 10% to its shareholders for the 2021-22 fiscal. This decision was unanimously approved at the 107th Annual General Meeting (AGM) of the bank here on Sunday.
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Presiding over the meeting, VCB Chairman Chalasani Raghavendra Rao, traced the origin and growth of the bank during its 106 years of operations. The bank today has 46 branches in Andhra Pradesh and four in Hyderabad of Telangana State, making it the only multi-State cooperative bank in Andhra Pradesh with over 25 ATMs.
The banks deposits stood at ₹3,889.28 crore and advances were ₹2,863.54 crore, with a total business of ₹6,752.82 crore as on March 31, 2022. The total share capital of the bank was ₹272 crore and the total membership was 92,000 and the net NPA of the bank stood at 0.47% as on March 31, 2022. He said that the target of the bank for 2022-23 was to secure deposits of ₹4,322.27 crore and to advance loans to the tune of ₹3,247.03 crore.
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The bank has earned a net profit of ₹66.81 crore for the financial year 2021-22, from which statutory reserves were allotted as per the regulations, and a dividend of 10% was declared. An amount ₹6.43 crore was paid to 2,392 members through the bank’s welfare schemes.
The Bank’s Chairman Emeritus Manam Anjaneyulu said that VCB was working towards the welfare of the middle class and lower middle class groups, who were really in need of money during the pandemic, and extended loans to them at a low interest rate of 6%. He attributed the low NPA of the bank to the sincerity of the borrowers, who repaid their loans despite their pandemic woes.
The other Directors who attended the AGM were senior Vice-Chairman Gudivada Bhaskar Rao, S Nagabhushanam Chowdary, A.J. Stalin, N Kamaraju, K. Bhavani, R. Jagga Rao, V. Chandra Sekhar, T. Padmavathi, Dr. Chelikani Rama Rao, Ch. Adinarayana Sastry, S. Janaki Ramachandra Raju, P.V. Ramana Rao, K. Prasada Rao, J.V. Satyanarayana Murthy, Ch. Koteswara Rao, P. Narayana Swamy, D. Babu Rao and Dr. Vaidyanathan, Chief Executive Officer P.V. Narasimha Murthy and General Manager A.V. Rama Krishna Rao.