The Hindu Business Line : West Bengal State Co-op Bank net down at Rs 10 cr

Kolkata May 8 Despite satisfactory performance on various fronts in 2006-07, the West Bengal State Cooperative Bank (WBSCB) posted a lower net profit at Rs 10.01 crore (Rs 14.05 crore in 2005-06), largely due to heavy tax burden in 2006-07. The bank paid an estimated Rs 4.5 crore of income-tax in 2006-07 against nil tax in the previous year.

This followed the Union Government's decision requiring all State co-operative banks to pay income-tax at par with the commercial banks from 2006-07.

The protests from co-operative banks that such an impost would adversely affect their working went unheeded.

During the year under review, it posted aggregate deposit growth of 7.5 per cent to Rs 2,453.06 crore.

The savings bank deposit and current account deposits jumped by 12.28 per cent and 76.15 per cent, respectively. While the overall advance growth was negligible at Rs 1,980 crore, the loans to agriculture sector increased to Rs 401 crore (Rs 377 crore). The credit-deposit ratio was 80.7 per cent.

The working fund increased by 1.42 per cent to Rs 3,944.29 crore and net worth by 4.63 per cent to Rs 129.87 crore. The gross and net NPAs were maintained at five per cent and 2.95 per cent respectively. The investments in State and Central Government securities and bonds amounted to Rs 1,094 crore. Computerisation of operations was completed in 35 out of a total of 41 branches.

For the first time, the government auditors completed the statutory audit of annual statement of accounts for 2006-07 within one month, according to WBSCB sources.

In 2007-08, WBSCB, as the sources point out, targets to post 20 per cent growth in deposits and 40 per cent growth in advances, provide technology-based value-added services, open 10 more branches and achieve 100 per cent computerisation in all the branches and bring down the NPA level below four per cent.

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