Morung Express News
Dimapur | January 19
The Nagaland State Cooperative Bank Ltd. (NStCB) registered a positive growth of 18.70% as on March 31, 2017, against 10.78% in the previous financial year and the operating profit of the bank almost quadrupled from Rs. 215.19 lakh to Rs. 837.14 lakh between the two fiscal years.
As a result, the accumulated loss of the bank drastically dropped to Rs. 2901 lakh as on March 31, 2017, compared to Rs. 3738.14 lakh in March 2016.
The growth statement contained in the Annual Report of Directors for the year 2016-17, was read out by managing director, NStCB, Imtilemba Longkumer, at the 48th annual general meeting of NStCB held Friday here at the bank’s head office.
On business and financial analysis, the report stated during 2016-17, the total deposits of the bank increased from Rs. 49,089.70 lakh as on March 31, 2016, to Rs. 58,602.58 lakh (ended March 31, 2017), registering a growth of 19.38%.
Besides, the Current Account, Savings Account (CASA) deposit of the bank increased from Rs. 26,601.67 lakh to Rs. 32,275.31 lakh, and loans and advances increased from Rs.33,007.65 lakh to Rs. 36,055.93 lakh, in the period March 31, 2016-March 31, 2017.
Longkumer also informed that in commemoration of the year-long golden jubilee celebration of NStCB in 2017 under the theme ‘Celebrating rural transformation through banking’, the bank launched two new schemes – Saving Bank Premium deposit and General Credit Card loan product. The same year, NStCB also launched the ‘ATM on wheels’, the first of its kind in the state, the annual report stated.
Earlier, Secretary, Cooperation, Government of Nagaland, Chumremo Odyuo, in his welcome address lauded the bank for the commendable services provided to the people, especially the grassroots section.
Registrar of Cooperative Societies Nagaland, Wepe Ritse, led the conduct of election of the new board of directors (BoD). General Manager (OIC) NABARD Nagaland (RO), SK Dhumal, outgoing and newly elected BoDs and representatives from various cooperative societies also spoke in the meeting.
Other highlights of the 48th AGM chaired by NStCB vice chairman, Kekhwengulo Lea, included approval of auditor’s report, auditor’s statement of accounts for the year ended March 31, 2017, consideration and approval of the revised budget for 2016-17 and estimated budget for the years 2017-18 and 2018-19, approval of bye-laws of NStCB.
On the occasion, awards were also presented to best performing NStCB branches in three categories:
I. Overall rating under Development Action Plan (DAP)
1. Tseminyu branch (89.83 mark) 2. Chozouba branch (88.25 marks) 3. Tuensang branch (86.25 marks)
II. Growth under CASA deposit (2016-17) 1. Jalukie branch (52.76%) 2. H.O. Complex branch (47.25%) 3. Tuli branch (41.43%)
III. Recovery from Non-performing Assets NPAs (as on March 31, 2016)
1. Naga Shopping Arcade branch (18.70%) 2. Pfutsero branch (14.98%) 3. Chumukedima branch (12.56%)
