Visakhapatnam Cooperative Bank (VCB) has crossed the Rs1,000-crore business mark. “We had targeted to touch the Rs 1,000-crore mark by March 2010, but achieved this in December itself," Narasimha Murthy, secretary, VCB, told Business Standard. As of March 2010, total business stood at Rs 1,168 crore.
The 96-year-old bank took nearly 93 years to reach the Rs 500-crore business mark. But, to add another Rs 500 crore it took only 6 years. Of the Rs 1,168 crore, deposits include Rs 678 crore while advances were at Rs 496 crore.
In 2009-10, the bank mobilised new deposits of Rs 196 crore and advanced Rs 148 crore, which is 41 per cent and 43 per cent higher respectively compared with the preceding year. "Our net NPA also reduced significantly. In March 2009, it was 0.58 per cent and declined to 0.12 per cent by the end of March 2010,” he added.