Cooperative Bank announces 15 percent dividend

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Visakhapatnam, September 10, 2007

Aims to expand network by opening more branches

The Visakhapatnam Cooperative Bank Limited on Sunday declared a dividend of 15 percent for 2006-07. This dividend is higher compared to last year's 12 percent. Speaking at the 92nd Annual General Meeting, Chairman Manam Anjaneyulu said that the bank earned a profit of Rs. 2.34 crores during the year and achieved Grade I Status according to RBI norms.

He said steps were being taken to open ten more branches with a share capital of Rs.17 crores and it had set a target of achieving Rs.339 crores as deposits and sanctioning of Rs. 250 crores of advances.

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