Despite Covid-19, Uttarakhand based Kurmanchal Nagar Sahkari Bank has crossed the business mix of more than Rs 3000 crore and earned a net profit of Rs 15.30 crore in the 2020-21 FY.
The bank has also registered growth on deposits as well as loans and advances. Not only this, the bank this year also maintained the tradition of ‘Zero’ Net NPA, when other co-operative banks are grappling with the increase in their NPA levels.
The figures were revealed during the Annual General Meeting of the bank held recently.
The performance of the bank becomes all the more impressive due to the fact that the Kurmanchal Nagar Sahakari bank is doing well in areas where the co-op movement is not as strong as it is in Maharashtra or Gujarat. The meeting was presided over by Vinay Sah, Chairman of the bank.
The total business of the bank increased from Rs 2,931.12 crore from the last year to Rs 3,230.72 crore as of 31st March 2021, said Akshay Sah, CEO of the bank to Indian Cooperative on the phone.
“Despite unfavourable market conditions, total deposits of the bank increased from Rs 1,921.90 crore as of 31.03.2020 to Rs 2,060.12 crore as of 31.03.2021 whereas total loans & advances increased from Rs 1009.22 crore as of 31.03.2020 to Rs 1170.60 crore as of 31.03.2021”, he said while reeling off the figures.
More than 50 members attended the meeting. Delegates were told during the meeting that the bank’s share capital stood at 42.61 crores as of 31 March 2021.
In the meeting, the bank’s secretary and CEO Akshay Sah said that 78.26 percent of the total loans and advances were disbursed to the priority sector by the bank.
The Bank’s Vice-President Suresh Kumar Jain proposed a vote of thanks. The meeting was attended by Girish Pathak, Pitambar Pant, Rajeev Kumar Gupta and others.
On the occasion, the wards of employees were also felicitated who had scored good marks in exams.