Bank’s net profit stands at Rs. 5.76 crore

Mysore/Mysuru: The Mysore Merchants Co-operative Bank in city has announced a dividend of 25 percent on the shares of its members. 

Announcing this at the 61st AGM of the Bank held virtually recently, Bank President R. Anand said that the dividend cannot be released for now due to a RBI direction. 

Maintaining  that the Bank has performed better than last year, he said that the Bank earned a profit of Rs.10,88,34,377.06 crore and with Income Tax deduction of Rs. 5,11,53,936 crore, the Bank’s net profit stands at Rs. 5,76,80,441.06 crore. 

Pointing out that the Bank has a total deposit of Rs. 387.14 crore as on Mar.31, 2020, he said that the Bank has advanced loans totalling Rs. 289.53 crore, thus taking the Bank’s total transaction to Rs. 676.68 crore.

Asserting that the Bank is consolidating its financial standing with augmentation of its resources every year, Anand said that the Bank’s Non-performing Assets stands nil. The profits of the Bank’s branches at Bandipalya and Hebbal too has increased as compared to the previous year, he added.

Noting that the Bank has been advancing loans to members and non-members at low interest rates, he called upon the members to utilise this opportunity for availing loans. He further said that the dividend will be paid after the RBI grants permission, which is expected to happen in the coming days.

Bank  Vice-President R.P. Krishnamurthy, Directors C.V. Somashekar, B.R. Nandish, B. Kodandarama, K. Premkumar,  A. Prabhuprasad, M.N. Mahesh, N. Sudha, C.S. Gangambike, N. Kannan, N. Raghava and S. Rachappaji, Bank General Manager Sridhar B. Kulkarni  and others were present.