Despite pandemic, Visakhapatnam Coop Bank declares a 10% dividend

Visakhapatnam: Chairman of Visakhapatnam Cooperative Bank Ltd Chalasani Raghavendra Rao mentioned that the bank has paid Rs 6.43 crore to 2,392 members through the bank's welfare schemes.

Presiding over the 107th annual general meeting of the bank held here on Sunday, the chairman said although the bank was hit badly by the Covid-19 pandemic, the management has planned in such a way that the services at the bank branches are not affected due to it.

The bank commenced its operations on February 5, 1916 and has been serving people for the past 106 years.

The chairman has explained the position of the bank as on March 31 to the members of the bank wherein the deposits were Rs 3,889.28 crore and advances were Rs 2,863.54 crore, making a total business of Rs 6,752.82 crore.

The bank has earned a net profit of Rs 66.81 crore for the financial year 2021-22 from which statutory reserves are allotted as per the regulation and a dividend of 10 percent which is Rs 24.96 crore is declared to pay to the members of the bank for which the annual general meeting has unanimously approved.

Chairman Emeritus Manam Anjaneyulu, senior vice chairman Gudivada Bhaskar Rao, chief executive officer PV Narasimha Murthy and general manager AV Rama Krishna Rao and other directors were present.