Visakhapatnam Cooperative Bank declares 12 per cent dividend

Visakhapatnam Cooperative Bank chairman said that an amount of Rs.33.56 crore was credited to the accounts of shareholders as dividend.

Visakhapatnam: The Visakhapatnam Cooperative Bank has declared a dividend of 12 per cent for shareholders .Announcing this here on Monday, bank chairman Chalasani Raghavendra Rao said that an amount of Rs.33.56 crore was credited to the accounts of shareholders as dividend which was a record. Last year, the bank paid Rs.24 crore as dividend, he revealed.

The bank has set itself a target of Rs.7728.43 crore business for the current fiscal 2023-24. “Last year, we did business of Rs.7026 crore. The bank has 92,831 members and the share sum was Rs. 305 crore which is the fourth highest in the country. We are in ninth position in profits and we want to increase the membership to one lakh and share amount to Rs.350 crore this year. Our profits were Rs.73.14 crore in the year 2022-23,” he disclosed.

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