Dimapur, May 25 (EMN): Nagaland State Cooperative Bank (NStCB) has approved the Development Action Plan (DAP) for 2018-19 by projecting a profit of INR 1308.00 lakh as on March 31, 2019, a growth of 51% over 2017-18.
NStCB has approved the DAP during the 287th meeting of the Board of Directors held in the conference hall of the state chief secretary in Kohima on May 24 under the chairmanship of the state chief secretary Temjen Toy. While reviewing the DAP for 2017-18, the bank had earned a profit of INR 860.11 lakh.
As against a growth of 17.11% as on March 31, 2018, for deposits, a target growth of 18% has been determined as on March 31, 2019, with a 16.55% growth from CASA deposits.
Stating this in a press release, NStCB general manager (admn and vigilance), Lipoktoba Aier said the DAP 2018-19 has projected the growth target for loans and advances at 25.06% over the previous DAP -2016-17, which would ultimately elevate the CD ratio of the bank to 65.67% from 61.97% thus registering a growth projection of 5.98%.
The bank has also planned its income from interest earned on loans and advances at INR 6187.48 lakh earning on investment at INR 2328.70 lakh and others at INR 176.72 lakh culminating a gross income receipt of INR 8692 lakh. The bank has estimated an expenditure of INR 7384.90 lakh.
It stated that the gross income of INR 8692 lakh after providing for total expenditure of INR 7384.90 lakh would be netting an income of INR 1308 lakh as on March 31, 2019.
The business (deposits+ advances) growth is estimated at 20.70% during 2018-2019 from 17.43% during 2017-2018. The balance sheet size is expected to grow at 16.43% during 2018-2019, the statement added.
A total of 31 action taken report and agenda were discussed.
The meeting was attended by Kekhwengulo Lea, NStCB vice chairman; A Chumremo Odyou, secretary cooperation; Wepe Ritse, registrar of cooperative societies; SK Dhumal, GM (OIC) NABARD; elected board of directors and co-opted board of directors. Imtilemba Longkumer, managing director, attended the meeting as member secretary and Lipoktoba Aier, GM (Admn & Vigil) as invitee.
