58h Annual General Meeting of The Greater Bombay Co-operative Bank Ltd. was held on 11th August 2009 at The Indian Education Society, Manilrao Lotlikar Vidya Sankul, Opposite Lilawati Hospital, Bandra (West), Mumbai 400 050.
The Meeting was chaired by Shri Narendrakumar A. Baldota, Chairman of the Bank and attended by the members of the Board of Directors. Shri B V R Sarma , C E O welcomed the Board of Directors at the Venue. The AGM was well attended by more than 950 members of the Bank.
Chairman in his address to members welcomed the members on behalf of the Board of Directors and presented the Annual Report with the audited statements of accounts as of March 31st 2009. He presented the Bank’s performance highlights during the year under review.
The Bank’s deposits stood at Rs. 1098 cr. and advances were Rs. 745 cr. Share Capital of Rs. 23 cr. Non-Interest Income Rs. 2.0 cr. Operating Income Rs. 119 cr. Gross NPA less than 4.0% & Net NPA less than 2.0%. The Bank continues to have a very comfortable capital adequacy ratio of 16% as against the minimum prescribed level of 9% by RBI. The Bank has earned a net profit of Rs. 10.46 cr. for the year ended 31st March 2009 and awarded “A” rating by the statutory auditors appointed by RCS. The Bank has declared a dividend of 15% for the Year 2008 - 09.
Chairman also informed the members that the Bank offers various techno based services and the same are enabled through the Core Banking Solution (CBS) implemented by the Bank. Bank provided a wide range of additional services like Demat, Bancassurance, Mutual Fund distribution, PAN card, Foreign Exchange, Lockers, Franking, Utility Bill payment etc.
The Bank has opened its 19th Branch at Vashi and would be shortly opening its 20th branch at Bhandup (W) and plans to open branch at Miraroad.
The meeting was concluded with the vote of thanks by Shri Shekhar Desai, General Manager of the Bank.