NStCB nets Rs 200.47 lakh during 2017 quarter
Dimapur, July 21 (EMN): The 284th meeting of Board of Directors of Nagaland State Cooperative Bank was held on July 21 in the conference hall of Hotel Lake Shilloi, Dimapur, under the chairmanship of Kekhwengulo Lea, vice chairman of the Bank.
Apart from elected Board of Directors from all the districts and three co-opted professional Board of Directors, the meeting was attended additional secretary (Cooperation) T.N.Tsanglao, joint registrar of Cooperative Societies Lemba Chang, S.K Dhumal, general manager of NABARD, RO and Imtilemba Longkumer, managing director of Bank as member secretary.
In a press release, general manager (Admn & Vigilance), Lipoktuba Aier stated that in the backdrop of a robust Development Action Plan(DAP) for 2017-2018 being planned projecting a profit of Rs.1600.00 lac as on March 31, 2018, with a growth target of 91.12 % over 2016-17, a meeting on the sideline was also convened with the Branch heads of 21 branches spread across the state and attended by senior executives of the bank, reviewed the Developmental Action Plan (DAP) 2017-18 with reference to the achievement during the 1st quarter ending June 30, 2017 which manifest that during the quarter under review bank has achieved an overall growth of 9.88% on deposits with a growth of 12.54% on CASA deposits.
Growth on loans and advance was achieved at 15.66% during the quarter with an elevated CD ratio of 64.76%. The bank has earned income from interest on loans and advances, to the tune of Rs 1187.33 Lakh, from investment at Rs 74.45 lakh and others Rs.9.96 Lakh culminating to a grows income receipt of Rs. 1271.74 lakh. The bank has incurred an expenditure of Rs.1071.27 lakh. The gross income of Rs.1271.74 lakh of the bank for the quarter after providing for total expenditure of Rs.1071.27 Lakh has netted an income of Rs.200.47 Lakh as on June 30, 2017.
Apart from the above a total 32 agenda items including Action Taken Report (ATR) was placed in the meeting and discussed and decision taken accordingly.