The Visakhapatnam Cooperative Bank declared a dividend of 12 per cent and interest of 8 per cent on share capital to its shareholders at its 99th annual general body meeting here on Sunday.
The AGM, conducted at Ambedkar Auditorium, was presided over by chairman Ch. Raghavendra Rao.
A resolution condoling the death of its director K. Venkata Raju in an accident earlier this year was passed. The meeting also condoled the death of 249 shareholders during the year.
Chairman emeritus M. Anjaneyulu, vice-chairman G. Bhaskara Rao, CEO Narasimha Murthy, and directors participated.
The bank, with 35 branches, was having deposits of Rs. 1,905.85 crore and advances of Rs. 1,264.13 crore. The share capital was Rs. 92.33 crore, with the number of members being 47,790.
The reserves were put at Rs. 88 crore and the net worth stood at Rs. 125.71 crore. The bank earned a net profit of Rs. 14.64 crore during the year.
The net NPA was 1.36 per cent of the advances, Mr. Raghavendra said, reading out the report reviewing the progress of the bank during 2013-14.
In the aftermath of the bifurcation of the State, the bank, which was earlier under the AP MACS Act, 1995, had to switch to the Multi-State Co-operative Act, 2002. Accordingly, changes had to be made in the bylaws of the bank, Mr. Raghavendra Rao said, and moved a resolution to that effect. It was later passed.
