NStCBL sees 10.74% growth in business

Nagaland State Cooperative Bank (NStCB) Ltd has recorded a 10.74 percent growth in business as on March 31, 2015. The bank made an operating profit of Rs.57.55 lakh as on March 31, 2015 while the size of balance sheet improved from Rs.57550.96 lakh as March 31, 2015 to Rs.61410.51 lakh as on March 31, 2015 registering a growth of 6.70 percent.
“The working capital of the NStCB Ltd is Rs.52088.73 lakh recording a growth of 7.10 percent over the previous year,” said NStCB chairman Temjen Toy at the 46th annual general meeting of NStCB here on Wednesday.
As per statutory audit report, the chairman said the bank was well capitalized with an overall CRAR of 8.94% well above the bench mark requirement of 7% stipulated by RBI and acquired net worth of (+) Rs. 2400.21 lakh as on March 31, 2015.
Temjen Toy also pointed out that the average returns on loans and advances were at 11.06%. He stated that the share capital of the bank as on March 31, 2015 was Rs 5737.37 lakh with the state government contributing major shares of Rs 4174.21 lakh constituting 72.75% of the total stake holder.
On the occasion, the chairman informed that NStCB Ltd, which was non compliant to various provisions of Banking Regulation Act during the intervening period of post globalisation, was estimated of being compliant to the provisions.
The chairman, on behalf of the bank, expressed gratitude to NABARD for extending financial support to the bank for opening three Financial Literacy Centres (FLCs) to the tune of Rs 15.00 lakh at Dimapur, Kohima and Mokokchung districts.
Informing that the bank has been progressing steadily, he said the NStCB has rendered banking services to all sectors and entities such as co-operatives, agriculturists, artisans, trades & commerce, general public entrepreneurs, churches and government employees.
He underlined that with the induction of information and technology in the bank, the NStCB Ltd has leveraged its technology to make available good quality products and services to its customers without sacrificing the personal touch in customer relations.
Meanwhile, at the meeting, the auditor’s report and auditor’s statement of accounts for the year ended 31-03-2015 together with audit compliance was considered and approved by the house.
The meeting also witnessed award presentations on performances of different category of highest percentage of recovery from NPA among the field staff during the period April 1, 2014 to March 31, 2015, highest percentage in deposit growth during 2015, branch wise highest recovery percentage of overall loans and advances and best performing society during the period April 1, 2014 to March 31, 2015.