VCB announces 20 per cent dividend

Staff Reporter

Bank has earned a net profit of Rs. 3.41 crores, says Manam Anjaneyulu

It will open 10 more branches in the next two years

Holding of coordination committee meets thrice a year mooted

VISAKHAPATNAM: The Visakhapatnam Cooperative Bank (VCB) Limited has announced a dividend of 20 per cent for the financial year 2008-09.

Announcing this at the 94th Annual General Body meeting of the bank here on Tuesday, VCB Chairman Maanam Anjaneyulu said that the bank had earned a net profit of Rs.3.41 crores during the same period. He said that the general body had approved the proposal for giving 20 per cent dividend to the shareholders.

He explained the progress made by the bank despite the global financial meltdown. He advised that the coordination committees formed for ensuring the growth of the bank to work with greater transparency.

The Chairman announced that the bank would establish 10 more branches in the next two years.

Though the bank had reduced its Non-Performing Assets (NPAs), efforts should be made for greater deposit mobilisation.

He suggested holding of coordination committee meets thrice a year to increase the customer-base of the bank.

Bank Director Ch. Raghavendra Rao said that the bank had completed 93 years of existence.

The bank, founded by prominent citizens, was a model to other cooperative urban banks in the State. VCB was the top bank among non-scheduled cooperative banks in the State.

It has 16 branches spread over four districts.

He said that the deposits of the bank had recorded a growth of 24.78 per cent and disbursal of loans has increased by 23.70 per cent during the last financial year. Veeraghanta Chandrasekhar, Namana Kama Raju and A.J. Stalin have been elected directors in the election held for the three vacant posts of directors.

Bank secretary P.V. Narasimha Murthy, vice-chairman Gudiwada Bhaskara Rao, directors R.V. Jagga Rao, Kaki Bhavani, Someswara Rao, Venkata Raju, Tenneti Padmavathi, Janardhana Rao and Babu Rao, branch managers and staff of various branches participated.

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