Saturday, Jul 27, 2024 10:00 [IST]
Last Update: Saturday, Jul 27, 2024 04:24 [IST]
GANGTOK,: The Citizens’ Urban Co-Operative Bank Ltd, an
urban co-operative bank registered under the Sikkim Co-Operative Society Act,
1978, Cooperation department, Government of Sikkim held its 22nd Annual General
Meeting here in the capital on Friday.
The AGM was attended by Citizens' Urban Co-Operative Bank Limited
chairman PK Pradhan, vice chairmen Sharda Pradhan and TP Koirala, managing
director Pratha Pratim Sen, Cooperation RCS Raj Pradhan, deputy registrar
Arpana Subedi, members and guests.
In his address, bank chairman PK Pradhan announced a total dividend
of Rs. 18,83,050 which is 18.17% of net profit for its shareholders. He
informed that during the financial year 2023-24, there was 8.06 % (YoY) growth
in deposit and 13.35% growth in advances.
Gross NPA stood at 1.54% compared with 1.93% a year earlier.
Capital adequacy of the bank is 17.63% against statutory requirement of 9.00%.
The bank's net profit showed an exceptional 91.30% YoY growth
reaching Rs. 103.62 lakh, informed the chairman.
During the meeting, the shareholders approved the bank's
consolidated financial statement for the year ended 31st March 2024. The board's
recommendation for the appropriation of profit along with the dividend for the
financial year 31st March 2024 was also approved by the shareholders.
Pradhan added that the Citizens’ Urban Co-operative Bank is growing
with the vision to emerge as the most trusted cooperative bank and to be the
most preferred destination for investors as well as for every citizen of Sikkim
for any type of banking operations. To spread its network to entire Sikkim and
adjoining States, the bank has targeted to convert it to a small finance bank
with headquarters at Gangtok, he said. To achieve this, we have approached the
people of Sikkim to become shareholders of the bank, he added.
Likewise, Pradhan shared that during the current financial year
2024-25, the Citizens’ Urban Co-operative Bank is focusing on increase the CASA
deposit and a healthy advance portfolio, maintaining GNPA below 1.00% as well
to increase net worth of the bank.
Managing director PP Sen expressed his gratitude towards all the
shareholders for their confidence in the bank's strategy and capability and to
the Board of Directors for their continued support and guidance. He also
presented the bank's annual report in detail.
RCS Raj Pradhan congratulated all the newly elected Board of
Directors of the bank and extended his good wishes to the outgoing board
members for the services rendered.
“The bank has been growing and I hope the bank prospers and attains
new heights. We as officials of the Cooperation department, Government of
Sikkim are ready to extend all possible help and assistance in days ahead with
regards to bank’s development,” he said.
Further, the AGM also witnessed the result of the election held for
the new Board of Directors wherein nine directors were elected. They are
Prashant Pradhan, Rajeev Nain Mishra, Amit Patro, Tashi Uden Bhutia, NP
Chettri, PK Pradhan, Diwakar Basnet,
Suresh Kumar Lama and Geeta Gurung. The new directors are to take the charge
from August 5 for a period of five years.
Newly inducted member in the Board of Director of Citizens' Urban
Co- Operative Bank Limited Amit Patro said: “I have literally seen the bank being
established, growing and where it is today. It started in the year 2003 with a
single branch at Namnang and now it has seven branches in the State. The growth
today is due to the dedication and hard work of the previous chairmen and Board
of Directors. We aim to continue the path of the predecessors and hope for
continued support of the outgoing Board of Directors and shareholders and
customers”.
During the AGM, the Singtam branch was awarded for the best branch
in loan and advances. Two marketing
executives of the bank, Manita Rai and Meen Kumari Thapa were presented with ‘excellence
in customer service’ awards.
