Excelsior Correspondent
UDHAMPUR, Oct 16: The 24th Annual General Meeting (AGM) of Devika Urban Cooperative Bank Limited was held at DN Palace, here to approve the balance sheet and profit and loss account for the year 2021-2022, today.
The CEO of the Bank, Rakesh Sharma welcomed all the shareholders, while Chairman of the Bank, Diwakar Gupta highlighted the overall performance of the Bank and informed the AGM that the deposits of the Bank have increased by 148.09 lakh from Rs 8394.36 lakh to Rs. 8542.45 lakh during the financial year 2021-2022.
“The advances recorded growth of 16.53 percent as on 31/03/2022 from Rs 4048.11 lakh to Rs.4717.44 lakh. The performance in deposit/advances and the CD ratio is 55.22 percent. The Bank has also earned gross profit of Rs 119.88 lakh during the financial year 2021-2022,” he said.
Keeping in view the performance of the Bank, the Board of Directors recommended a 10 percent dividend on the shares which was approved by the shareholders for the financial year 2021-2022 and 5 percent for the year 2020-21 during the COVID period. Besides, the individual share capital has increased from 170.94 lakh to 177.31 lakh during the year 2021-2022.
Chairman said that the Bank is committed to provide all the facilities to its customers as per requirement of modernized banking. Bank has also made the RTGS/NEFT fund transfer facility available for customers.
A proposal for amendments in bye laws and service rules were also suggested by RD Gupta and the same was approved by the shareholders.
Board of Directors including SC Abrol (Vice- Chairman), RD Gupta, Bansi Lal Gupta, Rakesh Gupta, Hans Raj Gupta and Naresh Gupta were also present.
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