The Andhra Pradesh based Visakhapatnam Co-operative Bank has recorded profits to the tune of Rs. 6.8 crore during the last financial year. This was announced by the Chairman of the co-operative bank Mr. M. Anjaneyulu.
While attending the bank's general body meeting, he said that the bank has deposits worth Rs. 1, 216.27 crore and it has loans worth Rs. 874.06 crore. The bank is planning to do business worth Rs. 3, 000 crore by the end of financial year 2016, which will also be its 100th year.
The bank has a total of 27 branches and steps are being taken to computerize and network all the branches. It is reported that the bank had announced a dividend of 10 percent in the current year, which when combined with an interest of 10 percent, would give 20 percent to the shareholder.
Mr. M. Anjaneyulu also said that co-operative banks should continuously compete with commercial banks in all considerations and should provide excellent service to retain customers.