Town co-operative bank registers net profit of Rs 21.21L

Madikeri Town Co-operative Bank Limited has earned a net profit of Rs 21.21 lakh for the year 2015-16, announced its president B K Jagadish, on Thursday.

Addressing media, Jagadish said the bank had earned a gross profit of Rs 47.19 lakh. Following the income tax and other deductions, the net profit was calculated at Rs 21.21 lakh.

Jagadish said that it has been already declared to share 13% of the dividend among the members of the bank that has 2, 213 members. The capital amount is calculated at Rs 74.45 lakh, followed by working capital at Rs 27.13 crore, an increase of Rs 36.20 lakh compared to previous fiscal. The deposits are calculated at Rs 25.77 crore, an increase again  by Rs 2.66 crore, followed by advancement of loans worth Rs 2.37 crore.

Appeal
Jagadish also appealed to the members to make use of various schemes like agriculture loan, gold loan, housing loan, auto loan and business development loan.

He also informed that the bank is offering minimum of four percent to maximum 8.25% rate of interest per annum on gold deposits, while senior citizens and others who deposit for a period of one year and above are entitled for additional 0.50 % rate of interest.

The annual general body meeting of the bank is scheduled to be held on September 17 at Kodava Samaja. The toppers in recent SSLC, second PUC and degree exams will be feted with talent awards in the order of first, second and third, he added.

Vice-president of the bank S C Satish, Kodi Chandrashekar, Kaveramma Somanna, Padmanabha, chartered accountant Ramesh and others were present on the occasion.