The Visakhapatnam Co-operative Bank (VCB) posted 55 per cent growth in profits for the just concluded fiscal 2002-03 compared to preceding year.
In spite of a lot of negative campaign on urban co-operative banks (UCBs) in the state, the bank had achieved higher profit in the last fiscal as compared to the year before, Manam Anjaneyulu, the chairman of VCB, said here.
Because of closure of some urban banks and adverse campaign, several depositors had withdrawn their deposits out of fear from UCBs in the state. Due to this reason, in Visakhapatnam Co-operative Bank also some depositors had withdrawn their deposits, even though the bank was able to generate additional Rs 3 crore deposits compared to last fiscal, he added.
Visakhapatnam Co-operative Bank
