The Visakhapatnam Urban Co-operative Bank has recorded a growth rate of 26.61 per cent in deposits mobilisation during 2012-13.

VCB Chairman M. Anjaneyulu told presspersons here on Monday that the bank had achieved a “trendsetting” growth rate at a time when scheduled commercial banks and foreign banks had not exceeded a growth rate of 14 per cent.

He said deposits stood at Rs 1,533.24 crore and advances at Rs 1,103.65 crore. The bank had a net worth of Rs 102.61 crore and reserves of Rs 77.87 crore. It had a share capital of Rs 67.18 crore. The bank achieved zero per cent NPA levels (gross) at 14 of its branches and less than one per cent at 11 of its branches, he said.

He said the bank, with 28 branches, had begun an exercise to introduce core banking solutions (CBS) by June 2013. The bank opened branches at Vizianagaram, Eluru, Palasa and Nellore during 2012-13 and has obtained sanction from RBI to set up branches at Daba Gardens and Kancharapalem in the city, Gannavaram near Vijayawada and Bheemunipatnam this year. RBI clearance to open branches at Machilipatnam, Kakinada and Pithapuram is awaited.

“The bank is doing well in insurance business for automobiles, immovable properties and accidental insurance. It has also forayed into foreign exchange business,” he said.

Bank CEO P.V. Narasimha Murthy, Executive Director Ch. Raghavendra Rao, Vice-Chairman G. Bhaskar Rao, directors A.J. StalinK, Bhavani, and T. Padmavathi were among those present.

(This article was published on April 8, 2013)
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