Pune based Multi-State Bank- Vishweshwar Sahakari Bank has performed well in all fields during the FY 2018-19. The bank has reined in the NPA but its success in reducing the net NPA to zero deserves a special mention. The bank vows to achieve the Scheduled Status by its Golden Jubilee Year.
These announcements were made during the 48th Annual General Meeting held at Rajeev Gandhi Academy of E-learning, Pune recently.
Soon after the AGM, talking to Indian Cooperative correspondent on the phone Anil Gadve, Chairman of the bank said, “We meet all the parameters for getting the Scheduled Status. We will apply for it and hope we will get it by the bank’s Golden Jubilee Year in 2021”.
“We are also aiming to achieve a business mix of Rs 5,000 crore by our Golden Jubilee Year. Our Gross NPA decreased from 7.73% to 1.93% whereas the Net NPA reduced from 5.14% to 0%. This is not possible without the support of management and shareholders”, Gadve underlined.
“As on 31.03.2019 the deposits of the bank, with a reduction of Rs 15.46 crore have stood at Rs 1,523.42 crore. We have fixed a target of Rs 1,650 crore for deposits during the financial year,2019-20 whereas with an increase of Rs 46.15 crore the loans of the bank have touched a figure of Rs 857.27 crore at the close of the financial year”. Earlier, loans are Rs 811.12 crore”, reeling out figures, he said.
The total business of the bank at the close of the year was Rs 2,380.69. Compared to the figures of the last year there has been a slight increase. For the current financial year we have fixed a target of Rs 2,650 crore.
Besides, the bank has earned a gross profit of Rs 29.07 crore and a net profit of Rs 14.42 crore. The bank has announced 10 percent dividend for its shareholders.
At the close of the financial year the share capital of the bank has been Rs 44.05 crore. This is less by Rs 1.98 crore compared to the figures of the last year.
The bank has not opened a single branch during the 2018-19 financial year. Presently, the bank is having 28 branches.
Vishweshwar Bank Kala Krida Mandal had organised various cultural programs and sports events. All these events were overwhelmingly attended by the staff members.
The bank Vice Chairman, Directors, Shareholders, officials and others were present during the meeting.