Gujarat State Cooperative (GSC) Bank, which concluded its 65th annual general meeting attended by veteran cooperators of the state, has crossed the business mix of more than Rs 21k crore and earned a profit to the tune of Rs 106.59 crore.
Apart from GSC Bank chairman Ajay Patel, who also doubles as the Chairman of COBI, IFFCO Chairman Dileepbhai Sanghani, NFDC Chairman Jyotindra Mehta, Gujarat legislative assembly deputy speaker Jethabhai Bharwad, Ghanshyam Amin, Tejash Patel, Narhari Amin and others were present on this occasion. RBI Central Board Director Satish Marathe was the special invitee in the AGM.
The bank announced a 15 percent dividend for its shareholders. The GSC Bank has performed well on the financial parameters in the 2023-24 FY.
The deposits of the bank grew from Rs 10,611 crore (2022-23) to Rs 12,012 crore as of 31st March 2024 whereas total advances increased from Rs 8,362 crore to Rs 9,325 crore in the 2023-24 FY. The total business rose from Rs 18,973 crore to Rs 21,337 crore.
This year also the bank net NPA remains ‘Zero’ and the gross NPA is less than 1 percent. The CRAR and net worth of the company stood at 15.41 percent and 950 crore as of 31st March 2024.
Tweeting about the AGM through his ‘X’ wall, NCUI and IFFCO Chairman Dileepbhai Sanghani said, “While addressing the gathering, I congratulated the country’s most popular leader Shri Narendrabhai Modi on becoming the Prime Minister for the third time and said that the hard work of Cooperative Minister Shri Amitbhai Shah has paid off in cooperation, let us all pledge to work together to make the government’s schemes successful”. Sanghani said.
The GSC Bank is meeting credit and financial needs of nearly 28 lakh farmers associated with 10,319 PACS through the district central cooperative banks of Gujarat. There are 18 DCCBs and the GSC Bank has a network of 33 branches in Ahmedabad, Gandhinagar, Halvad & Gandhidham.
It initiated several steps to improve the performance of some DCCBs which are required to achieve minimum CRAR in order to get the RBI license.
Recently, the bank drew the media attention for developing the world class training centre under the name of Sahakar Bhavan at Ekta Nagar near “Statue of Unity” in Narmada District of Gujarat.
