News & Pics: Rons Bantwal
Daijiworld Media Network – Mumbai (RD/SB)

Mumbai, Aug 17: The metro-based Bharat Co-operative Bank Limited announced 15 % dividend to its shareholders on the occasion of 34th annual general body meeting held at Brijavasi Place auditorium, Goregaon (East), here on Saturday August 14.

Billavara Association president Jaya C Suvarna offered motion to the meet, while the Bank chairman V R Kotian presided.

In his presidential address, Kotian said that despite the global recession, the bank has achieved impressive financial results for the year. The bank has achieved all-round progress including IT and earned the trust of customers. It has secured the first place in transacting over Rs 500 crore of volume of business and bagged top award from metro’s Urban Co-operative Bank’s Federation, he said.

The bank also recorded steady increase in its deposits and lending from 18.75 percent to 22.46 percent. It has achieved a record profit of Rs 306.43 crore and net profit of Rs 27.55 crore during 2009 - 10.  It’s also significant that the bank has no non-performing assets (NPA) for the consecutive six years. Core banking, tele-banking, ATMs and other fast customer services are being introduced in its branches in Bangalore, Mangalore and metro. It also transacts foreign exchange ranking it one among a very few co-operative banks in the country to do so, added V R Kotian.

V R Kotian announced that new branches of bank will be opened in Goregaon (West), here and Suratkal in Mangalore shortly, while the RBI has issued permission to expand the branches of Pansoli, Bhayandar and Jogeshwari, here.