Hyderabad-based Citizen Co-operative Society recently held its 27th Annual General Meeting (AGM), where it announced a significant milestone of surpassing a business mix of over Rs 4,000 crore and earning a profit of Rs 77.58 crore as of 31st March 2024.
On this occasion, the society declared an 18% dividend for its shareholders. Approximately 550 shareholders attended the meeting.
Chairman Emeritus M.S.R.V. Prasad and Chairman P.R.V.P.S. Raju, in their message, highlighted the progress achieved during the financial year 2023-2024. They also informed the members about the amendments made to the Multi-State Co-operative Societies Act and the introduction of prudential norms for such societies.
Managing Director K.V. Subbaiah presented the society’s performance and outlined key events and accomplishments from the year. The membership increased to 95,872, compared to 90,809 in the previous year. The society’s share capital grew to Rs 67.48 crore as of 31st March 2024, up from Rs 65.51 crore in the previous year.
The Deposits as of 31st March 2024 rose to Rs 2,081.96 crore, compared to Rs 1,863.49 crore in the previous financial year. Advances also increased, reaching Rs 1,840.80 crore, up from Rs 1,604.38 crore in FY 2022-23.
During the AGM, prominent members praised the society’s progress and the dedicated service of its staff, thanking the management for the excellent performance and overall development during the year.
Some members raised queries regarding the enhancement of interest rates and acceptance of additional share capital from members, which Managing Director K.V. Subbaiah addressed point by point.
The meeting concluded with a vote of thanks by Director J. Satyanarayana.
