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Business EconomyPosted at: Sep 21 2018 6:19PM


Kakinada Co-op town bank gets second place in AP

Kakinada, Sep 21(UNI) The Kakinada cooperative town Bank Limited (KCTB) ever since its inception in 1980 has been getting profits and now occupied second place among the 43 such banks in Andhra Pradesh.

Disclosing this to media persons here on Friday, the bank chairman Chitturi Ravindra an ex-MP has claimed that during last 38 years it had registered meteoric rise with a total of 18 branches and a turnover of Rs 1211.67 crores. Note worthy was the bank’s CD ratio stood at 71.38 per cent and the Net NPA at 0.35 per cent, the lowest according to the Reserve Bank of India Parameters’ he added.

Further, he claimed that the bank’s deposits reached Rs 707 crores while, the loans stands at Rs 656 Crores. The Bank has earned a net profit of Rs 6.31 crores after payment of income tax. Referring to Banks expansions plans, Mr Ravindra said that opening of three more branches was proposed at one each in Vijayawada, Visakhapatnam and Vizianagaram.

He said shortly the bank along with other members of the AP cooperative banks association would be extending its assistance to the flood ravaged Kerala state. The total assistance in form of a comprehensive cheque would be handed over personally to the Chief Minister of Kerala during next week, he added.

Bank’s CEO Sugunakararao, Deputy CEO P. Venkateswerarao, Directors Thota Sudhir, Kantipudi Satyanarayana ,Satti Ramareddy, Srinivasa Tagore and Madani Hussain Mohiuddin were among those attended.
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