Andhra Pradesh leading bank- Visakhapatnam Cooperative Bank (VCB) has crossed the business mix of more than Rs 6700 crore as of 31st March 2022 and announced a 10 percent dividend for its shareholders for the 2021-22 FY.
The announcement was made during the 107 Annual General Meeting (AGM) of the bank held recently. The biggest Urban Cooperative Bank of South India registered improvement across fields including deposits, loans and advances and even earning handsome profits in the 2021-22 FY.
The UCB’s total business rose from Rs 6,572 (2020-21) to Rs 6,752 crore (2021-22). The deposits increased from Rs 3,853 crore to Rs 3889 crore whereas loans and advances grew from Rs 2,719 crore to Rs 2,863 crore as of 31st March 2022, said the Chairman Chalasani Raghavendra Rao while sharing the financial figures among the shareholders.
Besides, the bank’s gross and net NPA stood at 4.02 percent and 0.47 percent respectively. The Banks Capital Reserve Adequacy Ratio (CRAR) stood at 19.53%
The bank earned a net profit to the tune of Rs 66.81 crore. Earlier i.e. in 2020-21, it was Rs 45 crore. The bank’s net worth and share capital stood at Rs 456 crore and Rs 272 crore as of 31st March 2022.
The Bank Chairman Raghavendra Rao has expressed happiness and gratitude for the unstinted support and cooperation of the Board Members, general members, depositors, borrowers, well-wishers and all patrons.
The cooperative bank in the year 2016 had achieved the biggest milestone by completing 100 years of its existence. Established in the year 1916, the bank faced many hardships, yet had continuously been on the path of growth.
The bank will continue to serve patrons in a much better way using the latest technology to win more laurels in the days to come, said one of the senior officials of the bank.