Abhyudaya Co-op Bank declares 15 pc dividend

Mumbai, Aug 4 (UNI) The multi-state Abhyudaya Cooperative Bank Limited has declared 15 per cent dividend to its shareholders for the financial year ended March 31, 2008.

Speaking at its 45th Annual General Body (AGM) meeting here yesterday, the bank chairman Nityanand Prabhu said the board of directors has decided to disburse 15 per cent dividend to its shareholders involving around 1.5 lakh members in its more than 60 branchs in Maharashtra and Gujarat.

Mr Prabhu said the bank had recently acquired Shree Krishan Cooperative Bank at Vadodara in Gujarat. The acquisition process of six branches of Janata Sahakari Bank in Karnataka had completed and would be inaugurated on August 25 at Udipi and Mangalore.

The bank has earned the net profit of Rs 40.81 crore during the last fiscal year as compared to Rs 18.75 crore in previous financial year, he said and added the non-performing assests (NAP) of the bank are at zero per cent.

The bank's deposits had crossed Rs 2800 crore mark and loan and advances of the bank were at Rs 1700 crore, while working capital of the bank was at Rs 3434.28 crore, he added.

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