MAPUSA
The Our Lady of Milagres Urban Co-op Credit Society Ltd has proposed a dividend of 10 per cent for the financial year 2019-2020 even as it recorded a net profit of Rs 66.94 lakh.
The non-performing assets (NPA) of the society stood at Rs 37.57 Lakhs (1.37%), the bulk of which was on account of over dues in gold loans while the net NPA of the society was nil.
The Milagres Urban Co-op Credit Society held its 26th Annual General Meeting at its head office in Mapusa.
The Chairman of the society, Servo Fernandes informed that the deposits and the advances for the financial year ending on March 31, 2020, stood at Rs 39.50 crores and Rs 21.75 crores respectively.
The society has been making profits since inception and the Net Profit for the Financial Year 2019-2020 was Rs 66.94 Lakhs after making all the necessary provisions.
The BoD has proposed a dividend of 10 per cent for the financial year 2019-2020 to shareholders subject to the approval received from the Registrar of the Co-op Societies.
The chairman informed that the matter regarding the payment of a dividend has already been taken up with the registrar’s office in June for their approval.
The society boasts of total deposit of over Rs 40 crore and shares capital of over Rs 11 lakh even as it has over 16,960 depositors/shareholders.
