Andaman’s ANSC Bank registers its highest net Profit of Rs. 7.20 Crs

Port Blair, Oct 24 (UNI) The A & N State Cooperative Bank added another feather in it’s cap by achieving the milestone profit of Rs. 7.20 Crores in the year 2020-21, revealed Mr. Kuldeep Rai Sharma, Vice Chairman of the Bank in his keynote address during the 55th Annual General Body Meeting of A & N State Coop. Bank held on Sunday.
In his address he appreciated the leadership and the Management of the Bank. He further opined that the Bank has taken aggressive measures under the SARFEASI Act 2002 to realise the due from chronic defaulters.
He said that the Bank was able to recover a total of Rs. 281 Crores during 2020-21 which is the highest recoveries made by the Bank till date.
“The Bank has registered a Net Profit of Rs. 7.20 Crores, registering a growth of 836 % on its year-on-year basis (Y-o-Y), which is the highest Profit of the bank till date since last 55 years,” Mr. Sharma, who is also the Member of Parliament of Andaman and Nicobar Islands, said.
Mr. Kuldeep Rai Sharma also resolved to achieve continuous and meaningful growth in future years by leveraging a large network of the branches to touch more hearts and spread more smiles among the Islanders.
The Management of the Bank felicitated the SARFAESI Team for their hard work, dedication and path breaking recoveries during the financial year 2020-21, which has resulted in the bank to achieve a Net Profit of Rs 7.20 Crores.
Mr. K. Murugan, Managing Director took up the agenda of the meeting as per the Notice and presented the Annual Report of the Bank for the year 2020-21. The Audit Report of the bank for the year 2020-21 was adopted before the Apex Body for finalisation. He further informed the august house regarding the achievements and various initiatives undertaken by the Bank for the development during the challenging environment of COVID-19 pandemic.
He informed that the total Deposit portfolio of the Bank has touched Rs. 1154 Crores against the loans and advances of Rs. 680 Crores.
The total business of the Bank has grown upto Rs. 1835 Crores with a CASA (Current Account Saving Account Ratio) of about 60 pc. The Managing Director further presented the Annual Budget for the year 2021-22 along with the borrowing power of the Bank for approval before the Apex Body.
Mr. Bhagat Singh, Chairman of the Bank in his address appreciated the customer, shareholders and the staff member of the Bank for extending their patronage and guidance for continued development of the Bank.