Making 100 years: Indian Co-op Bank offers 15 percent extra dividend
GUJARAT– Gujarat-based Surat People’s Co-operative Bank crossed the business mix of Rs 9,000 cr in 2021-22 and gave 15 percent extra dividend to its shareholders on the completion of 100 years of its journey, Indian Cooperative.com reports.
It was disbursed in the 100th Annual General Meeting held on Saturday at Sanjiv Kumar Auditorium, Surat, in which around 3,000 shareholders were present.
“We have given a 15 percent dividend extra to our shareholders on the completion of 100 years, which has been remitted to their account soon after the AGM proceedings. And the regular 15 percent will be transferred in a couple of days”, said euphoric Mukesh Dalal, President of the bank.
He further added that the performance of the bank during the said year was satisfactory but we are aiming to come on the top in the list of Urban Cooperative Banks in the state. For this, we are looking forward to the expansion of branches and the merger of weaker banks with our bank.
The bank business mix reached up to Rs 9132 crore, registering growth of 5.66 percent. The total deposits of the bank have increased from Rs 5302 crore as of 31 March 2021 to Rs 5,379 crore on 2021-22 financial year whereas loan and advances grew from Rs 3,341 crore to Rs 3,753 crore as of March 31, 2022.
The bank earned a profit to the tune of Rs 38.07 crore after paying Rs 3 crore tax in advance. Reserve and other funds have increased by Rs 21.41 crore and reached to a total of Rs 594.63 crore, he added on the phone.
The bank has paid a premium of Rs 320.75 lakh for the period up to 30.09.2022 on deposits to DICGC. US$1 is about Rs80.
The bank has a network of 30 branches, in Gujarat and Maharashtra.
Readers would recall that recently the bank hogged the media headlines for getting an award on the completion of 100 years from Union Home and Cooperation Minister Amit at Vigyan Bhawan.
The award was received by the bank Chairman Mukesh C Dalal, Director Sanjiv N Tamakuwala, and Pravinchandra Jariwala.
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