Visakhapatnam Co-op Bank earns profit of `29.33 cr

Visakhapatnam: The Visakhapatnam Co-operative Bank has earned a profit of Rs 29.33 crore for the financial year 2015-16 by mobilising
deposits of Rs 2,256.08 crore and granting loans to the tune of Rs 1,471.99 crore, said bank Chairman Chalasani Raghavendra Rao.

Addressing the bank Mahajana Sabha held here on Sunday, Raghavendra Rao informed that the bank deposits, which stood at Rs
1,432.95 crore by March 2015, increased to Rs 2,256.08 crore now.

He said that the slowness of the banking sector in the country had influenced the bank and thus registered 7.01 per cent of growth rate in
deposits while 2.65 per cent in granting loans in the last fiscal.

The Chairman further informed that as the wage agreement with the bank employees was expired by March 2016, a new agreement has to
be entered considering the price rise of all essential commodities. The bank has presented Prathibha Puraskars to 374 students, medical
aid to 749 persons and payments from the welfare fund to 297 deceased members.

Bank Emirates Chairman and former MLA Manam Anjaneyulu said that the bank has been transacting business with 42 branches and
efforts are on to open three more branches by December-end. The bank has targeted to secure deposits to the tune of Rs 3,500 crore and
to grant loans up to 2,500 crore through its 50 branches by the year 2020.

He also said that arrangements have been completed to open ATMS at the Madhuravada branch. Among others, bank CEO P V Narasimha
Murty, bank committee member G Bhaskar Rao, directors A J Stalin, S Nagabhushana Choudari, N Kamaraj, Kaki Bhavani and others were
also present.