Co-Operative City Bank posts record profit in Asom

Guwahati, Jun 2 (UNI) The Cooperative City Bank has posted a record profit of Rs 2.19 crore.

This was announced on the 25th annual general meeting of the city based Co-Operative City Bank Limited was held here recently, which was presided by the bank's chairman N C Baruah.

The bank which had celebrated its Silver Jubilee Year inaugural function in November 2005 posted a record profit of Rs 2.19 crore during 2005-06 and declared a dividend of 15.5 per cent on the paid-up share capital subject to approval of the Registrar of Co-Operative Societies, Asom.

The profit earned by the bank during 2004-2005 was Rs 1.07 crore. During 2005-06, the bank's position improved so far as depositis, loans and advances and reserves were concerned.

While deposits increased from Rs 51.68 crore in 2004-05 to Rs 59.52 crore in 2005-06. Loans and advances recorded improved growth from Rs 28.70 crore to Rs 34.25 crore during the same period. The priority sector advances stood at 66.14 per cent as against 60 per cent fixed by the RBI. While the reserves and surplus of the bank increased to Rs 10.50 crore as on 31.3.2006, the net NPA of the bank was nil. The CD ratio of the bank was 57.61 per cent, one of the highest among the banks in Northeast.

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