NStCB makes financial turnaround

April 9, 2021 55 Views No Comment

• Writes off Rs 4521.41 lakh accumulated loss
• Registers balance profit of Rs 146.25 lakh

Morung Express News
Dimapur | April 9

In a financial turnaround, the Nagaland State Co-operative Bank Limited (NStCB) has finally written off its inherited accumulated loss amounting to Rs 4521.41 lakh during the last 23 years.

According to the annual report of the 51st annual general meeting held Thursday at NStCB head office, in 2019-20, NStCB registered a balance profit of Rs 146.25 lakh after writing off the Rs 4521.41 lakh accumulated loss.

Despite the COVID-19 pandemic, the bank managed to make a steady growth in both business and earnings. The balance sheet size of the bank registered a growth of 16.97% as on March 31, 2020, against 12.53% as on March 31, 2019.

According to the NStCB chairman’s annual report, the significant reason for the growth was due to variance in growth of deposits from CASA segment and borrowings from NABARD recovered from its negative growth of -7.10% to 21.64% as on March 31, 2020.

The operating profit for the year ended March 31, 2020, stood at Rs 1,272.30 lakh compared to Rs 914.85 lakh of the previous year, resulting in complete recovery of accumulated loss of Rs 1126.02 lakh of the previous year.

Again, as against the authorized capital of Rs 20000 lakh, paid-up capital of the bank increased to Rs 6,796.33 lakh as on March 31, 2020, from Rs 6666.74 lakh as on March 31, 2019.

The State government continued to hold the largest stake in the bank with a contribution of Rs 4191.30 lakh, constituting 61.67% of the total paid-up capital.

Total deposits of the bank increased from Rs 78446.80 lakh as on March 31, 2019, to Rs 93,815.46 lakh as on March 31, 2020, registering a growth of 19.59%.

Further, the average working fund of Rs 104808.59 lakh increased by 14.13% over the previous figure of Rs 91828.77 lakh.

NStCB Vice chairman, Kekhwengulo Lea read out the chairman’s report.

On the occasion of the 51st annual meeting, citations and incentives were awarded to best performing co-operative societies, SHGs and NStCB branches spread throughout the State.

Three new board of directors were also elected, one each from Mon, Mokokchung and Wokha districts.

A host of officials and invitees including Commissioner and Secretary (Cooperation), L Akato Sema; General Manager (OIC), NABARD, RO Nagaland, L Leivang and additional Registrar Cooperative Societies, Bendangtula Jamir, addressed the meeting.

Managing director NStCB, Abhijit Kumar Deb delivered the vote of thanks.

Source: https://morungexpress.com/nstcb-makes-financial-turnaround