Kalupur Co-op Bank reserves top Rs 500 crore

Ahmedabad-based Kalupur Commercial Co-operative Bank's (KCCB) reserves have crossed Rs 500 crore. The net non performing assets of the bank stands at zero per cent as on March 31, 2004.

KCCB joins a few other co-operative banks in the state to achieve net NPAs of zero per cent.

KCCB managing director Ambubhai Patel said at the bank's recent annual general body meeting that, after appropriation of profit as on March 31, 2004, the reserves of the bank had crossed the Rs 500-crore mark. This makes KCCB the first co-operative bank in the state to have owned funds of over Rs 500 crore.

Total advances of the bank stood at Rs 479 crore as of the end of the past fiscal, which is well within the total owned funds of the bank, said Patel.

He added that KCCB has been able to reduce NPAs substantially through a sustained recovery drive and after required provisions.

Total deposits of the bank as of March 31, 2004, stood at Rs 870 crore, against which the bank has liquid investments of over Rs 900 crore. Patel said this will provide comfort to the depositors. The bank achieved a profit of Rs 18 crore and has declared a dividend of 12 per cent.

Patel said all 28 branches of KCCB have been computerised, providing easy banking to 2.68 lakh depositors and around 27,000 members. He added that all the branches are also interconnected to provide services like ATM and telebanking.

Among other banks co-operative banks of Gujarat that have been able to bring down net NPAs to zero per cent include Rajkot Nagarik Sahakari Bank, Nutan Nagarik Sahakari Bank (both multi state co-operative banks) along with Co-operative Bank of Rajkot and others.