Candolim Urban declares 8% dividend
Regular improvements in product structure is the only way to sustain the unexpected challenges in banking arising from recession or hang up in mining industry said Dr. Shivanand N Verlecar.
He was delivering the Chairman’s address during 20th Annual General Meeting of Candolim Urban Co-op Credit Society Ltd in Candolim. The Society achieved a better performance this year also, earning total income of ` 6.81 crore and ` 46 lakh as net profit. The Society has been sharing major part of its profits with the shareholders and accordingly declared 8 per cent dividend amounting to ` 19.5 lakh. The strong financial base of the Society is reflected in its high Capital to Risk Weighted Assets ratio of 14.4 per cent, as against the stipulated RBI norms of 9 per cent. The Society functions on a healthy deposit/advance ratio of 80 to 85 per cent with full utilization of depositors’ funds to provide them high interest income. [NT]