The Hindu : Andhra Pradesh News : Coop bank moots 12 pc dividend

Online edition of India's National Newspaper
Friday, Sep 26, 2008
ePaper | Mobile/PDA Version

Andhra Pradesh

Andhra Pradesh

Coop bank moots 12 pc dividend

Staff Reporter

Kakinada: The Kakinada Cooperative Town Bank Limited (KCTBL) has proposed to pay a dividend of 12 per cent this year for which the assent of its general body is required. It earned a net profit of Rs 2.14 crores in the financial year 2007-08 on deposits amounting to Rs 112.31 crores and advances of Rs 79.3 crores. The bank has plans to open a branch in Rajahmundry subject to the guidelines of the Reserve Bank of India (RBI)’s licensing policy, according to bank chairman MVV Satyanarayana.

Addressing mediapersons on Thursday, Mr. Satyanarayana said the bank paid Rs 0.68 crores as income tax and it has 2.67 percent net non-performing assets with a credit deposit ratio more than 70 per cent. The bank’s assets are worth Rs 27.6 crores.Mr. Satyanarayana said the KCTBL ranked fourth in the State after A.P Mahesh Cooperative Bank Limited, Visakhapatnam Cooperative Bank Limited and Aryapuram Cooperative Bank. The KCTBL is in the process of getting back Rs 5.96 crore invested by it in Charminar Bank six years ago.

Vice-President K Bhami Reddy and MD P Venkateswara Rao spoke.

Printer friendly page
Send this article to Friends by E-Mail

Andhra Pradesh

News Update

Stories in this Section