Chairman Speech

Chairman Speech

Dr. Shivasharanappa Ithli

Chairman

At the 16th Annual General Body Meeting held on 20th October, 2016 at Maski.

Dear Members,

On behalf of the Board of Directors and on my personal behalf, I deem it a privilege to extend a warm welcome to each one of you at this 16th Annual General Meeting of the cooperative society. At the outset, I express my gratitude to all the stakeholders for their continued support and patronage. I trust you all have received the copy of the Society Annual Report for the year 2015-16, comprising the report of the Board of Directors, Audited Financial Statements of the Cooperative society. With your permission, I take it as read. Before I present the performance highlights of your Cooperative society for 2015-16, let me share
with you

PERFORMANCE OF THE SOCIETY

Against the backdrop of a very challenging environment, the society's performance during the year 2015-16 has been quite encouraging and your society has once again shown good growth and impressive results.
Let me now appraise the various achievements and initiatives taken by your society during the year 2015-16.

BUSINESS GROWTH

The total business of the Cooperative for the year 2015-16 stood at Rs. 200 crores compared to Rs. 160 crores in the previous year, (registering a growth of 25%). This comprises of total deposits of the Society Rs. 114.98 crores (a growth of 25% over previous year) and advances of Rs. 84.60 crores (a growth of 24% over previous year).

PROFIT AND EARNINGS

During 2015-16 Profit 205.24 lacs (Growth 24.24%) compared to previous year Rs. 165.10 lacs.

STAFF PERFORMANCE

Business per employe Rs. 0.95 lacs compared to Rs. 0.92 lacs previous year (Growth).

RECOVERY (NPA)

The society has made concerted drive for recovery due to which the Cooperative society gross NPAs stood at just 2.62% of the gross advances and the cooperative continues to maintain "Zero" Net NPA position.

BRANCH EXPANSION

During the year, the society expanded its reach by opening 1 more Branches and the present branch network is 5, in future we can extend by 5 more branches.

DIVIDEND

Your Cooperative society has been rewarding the Shareholders with consistent dividends over the years. Taking into account the present and future growth plans, the Board of Directors recommended a dividend of 16% for the year 2015-16.

HUMAN RESOURCE DEVELOPMENT

A comprehensive HR policy covering the HR functions was put in place to augment the existing manpower and bridge the skill gaps in areas like Credit, Information Technology, etc.
The newly recruited officers and staff are being groomed and mentored for their integration with the organizational culture. The Cooperative society training to the employees during the year for sharpening their skills, updating their knowledge and competency levels.

FOUNDATION DAY CELEBRATIONS

The Cooperative society Foundation day was celebrated on 5th of May amidst lot of cheer and enthusiasm. Competitions were held in various cultural events for the staff members.

AWARDS

I am happy to inform you that the society is the recipient of “BEST CO-OPERATIVE SOCIETY AWARD-2011” From Shri. H. K Patel President of Urban Co-operative Bank, on the Occasion of “58th Akhila Bharatha Sahakar Saptaha”-at Sirsi

 

Dr. Shivasharanappa Ithli

Chairman