Vizag co-op bank declares 18% dividend

The Visakhapatnam Cooperative Bank has announced an 18 per cent dividend for 2007-08. Its net profit during the last fiscal stood at Rs 2.48 crore.

The bank added about Rs 84 crore new deposits in the last financial year, a growth of 30 per cent while advances were up 35 per cent.

“In the current year, we are targeting to add Rs 106 crore deposits. As of March 2008, deposits stood at Rs 384 crore and our aim is to touch Rs 490 crore by the end of this fiscal,” Narasimha Murthy, secretary, Vizag co-op bank, said.

The bank was also able to bring down its net NPA to 0.72 per cent from 1.38 per cent as of March 2007.

He said they were planning to expand the branch network and had sought Reserve Bank of India’s approval to open 10 more branches in Vizag and Ranga Reddy districts apart from one branch at Hyderabad. Vizag co-op currently operates 14 branches in Vizag and Vizainagaram districts.

It recently took over the loss-making Bobbile cooperative bank with 4 branches and has sent another proposal to RBI for taking over the Ramachandrapuram Cooperative Bank in East Godavari district.