Despite all the odds Delhi based Keshav Cooperative Bank has been able to check the Gross NPA at 3.25 percent and Net NPA at 1.35 percent, announced its Chairman Jai Prakash Gulati. The UCB is said to owe allegiance to the RSS.
Gulati announced 10 percent dividend for its shareholders during the 23rd Annual General Meeting recently organized in Delhi. BJP National Vice-President Shyam Jaju is on the board of the bank but was not in the meeting due to his engagements in Uttarakhand.
“As on 31st March 2019, the deposits of the bank stood at Rs 73.01 crore whereas loans and advances increased from Rs 28.61 crore to Rs 40.95 crore in the last financial year i.e. 2018-19”, said Gulati.
Addressing the AGM, Chairman further said ”we have made additional provisions due to the rising NPA during the last financial year”. What he meant by this was that the UCB shifted part of its profit to take care of NPA, thereby showing less profit in comparison to the FY 2017-18.
“The bank earned a gross profit of Rs 54 lakh and after adjustment to NPAs and after paying the tax, the net profit stood at Rs 12 lakh.
Unfazed by the situation of the last year Keshav Cooperative Bank Chairman Jai Prakash Gulati said “to take the bank to newer heights, we are planning to make a blueprint for 10 years”.
The Authorized capital of the bank has increased from Rs 5 crore to Rs 10 crore whereas the paid up share capital has risen from Rs 3.89 crore to Rs 4.36 crore.
The bank organized several training programs for the employees of the bank last year, informed Gulati during the meeting.
However, the bank has been able to increase its total membership from 6436 to 6799 members. The bank has four branches across Delhi.