Saturday, July 24, 2021

NStCB register steady growth in 1st quarter

Dimapur, September 22: The 293rd meeting of Board of Directors of Nagaland State Cooperative Bank (NStCB) was held on September 20 in the conference hall of State Chief Secretary, who also presided over the meeting. A total of 27 Action Taken Report (ATR) and agenda items was placed before the Board and decision taken accordingly.
The Board also reviewed the achievement of the bank during the 1st quarter and noted that during the quarter under review, the bank has achieved an overall growth of 3.51% on deposits with a growth of 3.01% on CASA deposits.
Growth on loans and advance was achieved at 10.66% during the quarter with a CD ratio of 68.73%. The bank earned income from interest on loans and advances to the tune of Rs 1385.49 lakh from investment Rs 173.33 lakhs and other income Rs 13.19 lakhs culminating to a gross income receipt of Rs 313.26 lakhs.
The bank incurred an expenditure of Rs 1258.75 lakhs.
The gross income of Rs 1572.01 lakhs of the bank up to the quarter after providing for total expenditure of Rs 1258.75 lakhs has netted an income of Rs 313.26 lakhs as on June 30, 2019.
Kekhwengulo Lea, vice chairman of the bank, L Akato Sema, IAS, Commisioner & Secretary, Wepe Ritse, RCS Nagaland, L Leivang, GM(OIC), NABARD, RO Nagaland, R Lipoktoba Aier, MD, NStCB and elected Board of Directors and co-opted directors attended the meeting. The Board also approved the notice of 50th annual general meeting and fixed the date for convening the meeting on October 25.
(Page News Service)