Mahanagar co-op bank sets new record | india | Hindustan Times
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Mahanagar co-op bank sets new record

THE BHOPAL-BASED Mahanagar Nagrik Sahakari Bank, a new entrant in urban banking sector, has created a record in the State by augmenting its profit four times at end of March 2006, by generating more income and keeping the expenses at bare-minimum level.

india Updated: May 03, 2006 15:24 IST

THE BHOPAL-BASED Mahanagar Nagrik Sahakari Bank, a new entrant in urban banking sector, has created a record in the State by augmenting its profit four times at end of March 2006, by generating more income and keeping the expenses at bare-minimum level.

Bank chairman Sushil Vaswani, who is also the chief promoter of the bank, in a statement issued here said that during financial year 2005-06, its credit-deposit ratio also crossed minimum level of 60 per cent as prescribed by the Reserve
Bank of India by attaining 62 per cent as against 57 per cent last year.

In addition to this, the bank from the past three years, is constantly keeping its net non-performing assets (NPAs) to zero per cent and gaining top position in the State, the release claimed.

The bank chairman further disclosed that the per employee business which was Rs 136 lakh last year has improved to Rs 160 lakh during 2005-06.

Vaswani said that the bank would distribute 9 per cent dividend for 2004-05, and for 2005-06 also the level of dividend would be kept at same level.

Referring to the hard steps being taken by the bank management for recoveries, he clarified that such actions were necessary in some hard cases to generate confidence in the minds of investors.

He also expressed satisfaction over good response to two new loan schemes of the bank – for property and personal loan — and said that in next few months the bank would come forward with similar schemes for the people of the State capital.