The Nagaland State Cooperative Bank (NStCB) announced a 3% dividend for shareholders—the first such declaration in 26 years, at its 55th annual general meeting held last Friday at the conference hall in Dimapur.
According to the Indian Cooperative report, the bank reported a business mix of Rs 1,877.24 crore for the financial year 2023-24, representing a growth rate of 7.94%. It also achieved a profit of Rs 8.57 crore, indicating a positive trend following recent restructuring efforts.
To enhance services, NStCB has started new financing options under NABARD’s “PACS as Multi-Service Centres” (MSCs) scheme. In the pilot phase, the bank sanctioned a loan of Rs 27.32 lakh to Primary Agricultural Credit Societies (PACS) for multi-service operations.
Deposits rose from Rs 1,049.09 crore in FY 2022-23 to Rs 1,124.48 crore as of March 31, 2024. Advances also increased, from Rs 690.09 crore to Rs 752.76 crore, reflecting a healthy lending environment.
Vice-Chairman H Kashito Yepthomi commented on the bank’s progress, stating, “The declaration of a dividend after 26 years shows our commitment to growth and adherence to RBI norms for Rural Cooperative Banks.” He projected a 6.75% increase in Share Capital, Reserves, Surplus, and Total Owned Funds for FY 2024-25, expecting an increase from Rs 11,568.28 lakh to Rs 12,350.00 lakh.
Talking to Indian Cooperative, Nagaland State Cooperative Bank, Managing Director Abhijit Deb highlighted the bank’s focus on diversification, saying, “We have performed well in FY 2023-24 and are committed to expanding our business into new areas.”
The bank reported a Capital to Risk-Weighted Assets Ratio (CRAR) of 29.84% and paid-up capital of Rs 69.88 crore. The gross Non-Performing Assets (NPAs) fell by 1.74%, and net NPAs decreased by 2.70%. The Provision Coverage Ratio (PCR) improved to 75.81%, up from 63.00% the previous year.
The AGM was attended by key officials, including Alangla Thonger, Registrar of Cooperative Societies, and representatives from NABARD, reflecting a collaborative approach to strengthening the cooperative banking sector in Nagaland.
