Aggressive Measures Against Defaulters, Support of SCSs and Valued Customers has helped Achieving this feat: Kuldeep Rai Sharma
Port Blair, Oct 24: The Andaman & Nicobar State Cooperative Bank has added yet another feather to its cap by making the highest profit of the bank since last 55 years. The bank this year in spite of the pandemic crisis has achieved a milestone profit of Rs. 7.20 Crores. This was disclosed at the 55th General Body Meeting of the bank which was held at the Conference Hall of the bank’s headquarter today.
Appreciating the management of the bank, Shri. Kuldeep Rai Sharma, Vice Chairman of the Bank and the Member of Parliament, A&N Islands said that the bank has added another feather in achieving the milestone profit of Rs. 7.20 Crores in the year 2020-21. He opined that the Bank has taken aggressive measures under the SARFEASI Act 2002 to realise the due from chronic defaulters. The Bank was able to recover a total of Rs. 281 Crores during 2020-21 which is the highest recoveries made by the Bank till date.
ANSCB has registered a Net Profit of Rs. 7.20 Crores, registering a growth of 836 % on its year-on-year basis (Y-o-Y), which is the highest Profit of the bank till date since last 55 years, said Sharma.
Kuldeep Rai Sharma took the opportunity to thank the members of various Service Coop. Societies, gratitude to all the Customers and Islanders for their loyalty, trust and confidence which has always remained a source of inspiration for the Bank. He also resolved to achieve continuous and meaningful growth in future years by leveraging large network of the branches to touch more hearts and spread more smiles among the Islanders.
Shri. Bhagat Singh, Chairman of the Bank in his address appreciated the customers, shareholders and the staffs of the Bank for extending their patronage and guidance for continues development of the Andaman & Nicobar State Cooperative Bank Ltd.
Earlier Shri. K. Murugan, Managing Director took up the agenda of the meeting as per the Notice and presented the Annual Report of the Bank for the year 2020-21. The Audit Report of the bank for the year 2020-21 was adopted before the Apex Body for finalisation. He informed the august house regarding the achievements and various initiatives undertaken by the Bank for the development in the challenging environment of COVID-19 pandemic. He said that the total Deposit portfolio of the Bank has touched Rs. 1154 Crores against the loans and advances of Rs. 680 Crores. The total business of the Bank has grown upto Rs. 1835 Crores with a CASA (Current Account Saving Account Ratio) of about 60%. The Managing Director also presented the Annual Budget for the year 2021-22 along with the borrowing power of the Bank for approval before the Apex Body.
On the occasion, the Management of the Bank felicitated the SARFAESI Team for their hard work, dedication and path breaking recoveries during the financial year 2020-21, which has resulted the bank to achieve a Net Profit of Rs 7.20 Crores.
At the outset, Smt. Jolly James, GM (Development) welcomed all the delegates for the General Body Meeting 2021.
The 55th Annual General Body Meeting of A&N State Coop. Bank was chaired by Shri. Bhagat Singh, Chairman, Shri. Kuldeep Rai Sharma, Vice Chairman (Hon’ble Member of Parliament), Board of Directors, Representatives of various Service Coop. societies, Managing Director, Senior officials and staff members of the Bank.
The 55th AGM of ANSCB concluded with Vote of Thanks proposed by Shri. Anjan Sengupta, GM (Banking).