The largest Urban Cooperative Bank of Delhi-NCR, Kangra Cooperative Bank held its 51st Annual General Meeting at Paharganj last week claiming an excellent performance across all parameters.
The deposits of the bank have risen from Rs 937.52 crore to Rs 1053.19 crore whereas loans and advances increased from Rs 527.24 crore to Rs 568.68 crore as on 31st March 2019.
“We have performed well in all the fields but given adverse market condition we have to prepare ourselves to face the future problems’, said Bank’s Chairman Laxmi Dass to Indian Cooperative.
He further added that “For the past several years we had been giving 18 percent dividend to our shareholders but now we have to be a little a little prudent. That is why, we have announced 15 percent dividend this year”, he added.
“Given the slowdown in the economy we have also decided to do cost cutting and decrease our expenses”, said Laxmi Dass.
Dass further added that we have made the provision of Rs 3 crore in NPA this year. “We are strengthening our internal system and will not expand the branches network in the current financial year”, he asserted.
The bank has earned a net profit of Rs 9.31 crore and gross profit of Rs 15.45 crore as on 31st March 2019.
The working capital of the bank has increased from Rs 1068.83 crore to Rs 1201.24 crore. The reserves/other funds rose from Rs 67.36 crore to Rs 76.53 crore.
The Net NPA as on 31st March 2019 stood at 2.55%. “We are planning to take down the Gross NPA at less than 5 percent and our management is committed to do well in this regard. Presently the Gross NPA is 6.76%”, he said.
More than 1500 shareholders attended the AGM. The bank membership has also increased from 42820 to 43930.
All the branches of the bank are fully computerized with CBS. The installation of CTS, NEFT/RTGS, ATM is already over. The bank is having 12 branches across Delhi.