PANAJI
The 27th Annual General Meeting of Our Lady of Milagres Urban Co-op Credit Society Ltd was held recently at its head office premises at Mapusa.
Chairman Servo Fernandes addressing the shareholders present for the meeting informed that though the society’s business has been affected like other financial institutions due to the prevailing pandemic, the financial position of the society remains strong and it has been making a profit since its inception. He then presented the performance of the society. The deposits and advances for the financial year ending March 31, 2021, stood at Rs 38.93 crore and Rs 19.93 crores, respectively. The NPA of the society stood at Rs 86.15 lakh (4.32%), the bulk amount of NPA being on account of overdues in gold loans. The net NPA of the society was NIL. The Net Profit of the society for the financial year 2020-2021 was Rs 92.11 lakh after making all the necessary provisions. A dividend of 10% was proposed for the financial year 2020-2021 to the shareholders subject to the approval received from the registrar of the co-op societies, stated a press release.
The chairman responded to all the queries raised by the shareholders who were present for the meeting. The meeting ended with a vote of thanks by vice-chairperson Maria Julia D`Silva, the release concluded.
