India's leading credit co-operative society, Adarsh Credit Co-operative Society Ltd. announced its financial performance for the financial year 2016 - 17, along with balance sheet and profit and loss account for the financial year ending 31st March 2017.
The net profit of Adarsh Credit has increased year on year and Adarsh Credit Co-operative Society has earned a net profit of Rs. 430.10 crore for the financial year ending on 31st March 2017.
Adarsh Credit has achieved outstanding growth in credit disbursement compared to the previous financial year. The advances have increased by 28.70 percent for the financial year ending 31st March 2017.
Adarsh Credit also announced a dividend of 16 percent for FY 2016-17 and an interim dividend of 15 percent for the FY 2017-18.There is also significant rise in the membership of Adarsh Credit.
The number of members as on date is 1713112. The huge rise in the number of members in the society show the trust of people towards the organisation.
"We have registered a robust growth in our business in the FY 2016-17 as we continue to execute our proven business model of delivering value to members which is helping us to bring about consistent top and bottom line growth. We are optimistic of a very good FY 2017-18. We have also announced an interim dividend of 15 percent for the FY 2017-18," said Managing Director, Rahul Modi.
"Adarsh Credit Co-operative Society will open more branches in rural and urban areas and also open micro branches across the country, so that maximum members can avail the financial services provided by the Adarsh Credit," added Modi.
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Adarsh Credit is also committed to provide maximum financial services to its members through Adarsh Money Mobile Application.
Adarsh Credit Co-operative Society's website and Adarsh Money Mobile app have been updated with new form and layout. New services like Touch ID, QR code scanning, UPI Gateway and e-KYC has been added in Adarsh Money Mobile Application.
Adarsh Credit has also done excellent work in the field of corporate social responsibility with social initiatives such as blood grouping and blood donation camps, rain water harvesting, skill development based self employment courses, swine flu kadha distribution, imparting education in backward areas and providing employment and development of agricultural technology.