Turning around its fortunes year after year, Nagaland State Cooperative Bank won the praise of state co-op registrar and Nabard officials during the recently held Annual General Meeting in Kohima.
Nagaland State Cooperative Bank organized its 53rd Annual General Meeting recently, in which it was announced that the bank crossed the business mix of more than Rs 1600 crore in the 2021-22 FY.
The business mix of the bank grew from Rs 1,591 crore (2020-21) to Rs 1,669 crore in 2021-22 FY registered a growth of 4.87 percent.
While presenting the annual report, the bank’s Managing Director Ajit Kumar Deb said that, the deposits increased from Rs 973 crore to Rs 1,006 crore while loans and advances rose from Rs 618 crore to Rs 662 crore as on 31st March 2022.
Besides, the bank earned a handsome profit of Rs 15.90 crore and registered a growth of 65.34 percent. Earlier i.e. 2020-22, it was Rs 9.62 crore. The share capital and reserves & surplus stood at Rs 69.09 crore and Rs 25.08 crore respectively.
The bank’s gross and NPA stood at 15.39 percent and 8.25 percent respectively. The net worth of the bank increased from Rs 93.59 crore (2020-21) to Rs 102.36 crore in the 2021-22 FY, Deb informed the participants.
On this occasion, Nagaland Registrar of Cooperative Societies (RCS), Temjen Longkumer and Nabard General Manager Mrs Tiakala were also present, among others.
In his address, Longkumer lauded the bank’s performance and emphasized on creating financial literacy among the farmers whereas Mrs Tiakala stressed on computerization of Primary Agricultural Credit Societies (PACS) in a bid to ensure transparency in their work.
During the meeting, Nungsang Aier of Dimapur Branch, H Kashito Yepthomi of Zunheboto district and Heroli Sangtam of Kiphire district were elected as the new board of directors.
Nagaland State Cooperative Bank also distributed the awards to best performing self groups (2021-22) and these were presented to Metanglar SHG in Aoyimkum village of Dimapur and others.
Readers would recall that for many years, the bank was grappling with a financial crisis but now the bank is earning a handsome profit year after year and also catering to the needs of people in a good manner.
Nagaland State Cooperative Bank was established on 4 Nov 1966 and has a network of 21 branches across the state.
