Registering an impressive growth Nagaland State Cooperative Bank organized its 55th annual general meeting in a joyous atmosphere at the bank’s conference hall in Dimapur on Friday last week. After a gap of 26 years, the bank has declared a 3 percent dividend for its shareholders.
It was revealed in the meeting that the bank achieved a business mix of Rs 1,877.24 crore in 2023-24 FY, registering a growth of 7.94 percent. The bank earned a profit of Rs 8.57 crore in 2023-24 FY.
To support PACS in expanding services and income, the bank has initiated new financing avenues under NABARD’s “PACS as Multi-Service Centres” (MSCs) scheme. In its pilot phase, the bank sanctioned a loan of ?27.32 lakh to PACS for multi-service operations during 2023-24.
Nagaland as a stakeholder has successfully computerized 33 PACS under the project in the first phase. The second phase which consists of 198 selected PACS is under the process of evaluation and collection of basic data of the PACS to be boarded.
The deposits of the bank grew from Rs 1049.09 crore (2022-23 FY) to Rs 1124.48 crore as on 31st March 2024 whereas advances rose from Rs 690.09 crore to Rs 752.76 crore in the 2023-24 FY.
While addressing the AGM of the bank Vice-Chairman H Kashito Yepthomi said, “The bank has reached the remarkable milestone of 56 years, marked by significant achievement of being able to declare dividend to shareholders of the Bank after a span of 26 years of post implementation of Prudential Norms of RBI in Rural Cooperative Banks (RCBs)”, he noted.
“Under the Developmental Action Plan (DAP) for FY 2024-25, the bank projects a 6.75% increase in Share Capital, Reserves, Surplus, and Total Owned Funds from Rs 11,568.28 lakh (March 31, 2024) to Rs 12,350.00 lakh”, he added.
Talking to Indian Cooperative, Nagaland State Cooperative Bank Managing Director Abhijit Deb said, “We have performed well in the 2023-24 FY and are making our sincere efforts to take the bank to newer heights. During the year, we have diversified our business into new avenues and committed to do so in future too”, he said.
The CRAR of the bank stood at 29.84 percent and paid up capital at Rs 69.88 crore in the 2023-24 FY.
The gross NPAs of the bank have reduced by 1.74% compared to last year, the net NPAs of the Bank declined by 2.70% and Provision coverage ratio (PCR) stood at 75.81% as against 63.00% of last year.
During the meeting, the Registrar of Cooperative Societies/ Additional Registrar, Nagaland, Alangla Thonger, Nabard Nagaland RO GM and others were present.
