NStCB earns net income of INR 313.26 lakh

[caption id="attachment_272855" align="aligncenter" width="500"] Chief secretary, Temjen Toy, and NStCB Board of Directors during its meeting in Kohima on September 20.[/caption] Dimapur, Sep. 21 (EMN): Nagaland State Cooperative Bank (NStCB) has earned a net income of INR 313.26.00 lakh as on June 30, 2019. This was disclosed during the 293rd meeting of NStCB Board of Directors held on September 20 in the chief secretary conference hall. Chief secretary and finance commissioner, Temjen Toy, who is also the chairman of the bank, presided over the meeting. Stating this in an update, NStCB managing director, AK Deb said a total of 27 action taken report (ATR) and agenda were placed before the board decided accordingly. While reviewing the achievement of the bank during the 1st quarter, the house noted that it had achieved an overall growth of 3.51% on deposits with a growth of 3.01% on CASA deposits. It stated that growth on loans and advance was achieved at 10.66% during the quarter with a CD ratio of 68.73%. The bank has earned an income from interest on loans and advances to the tune of INR 1385.49 lakh, while from investment it earned an amount of INR 173.33 lakh and other income amounting to INR 13.19 lakh culminating to a gross income receipt of INR 313.26 lakh. The bank also incurred an expenditure of INR 1258.75 lakh. It stated that the gross income of INR 1572.01 lakhs of the bank up to the quarter after providing for total expenditure of INR 1258.75 lakh has netted an income of INR 313.26.00 lakh as on June 30, 2019. Kekhwengulo Lea, vice chairman of the bank; L Akato Sema, Commissioner and Secretary; Wepe Ritse, RCS; L Leivang, GM (OIC), NABARD; R Lipoktoba Aier, MD, NStCB; and elected board of directors and co-opted directors were present in the meeting. The board further approved to hold its next meeting on October 25.