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the problem of erosion in the value of securities is
more pronounced in their cases owing to their size and portfolio mix.
You Bank has successfully overcome adverse market
conditions and trends and has posted a net profit of Rs.182.90 lacs.
With continued emphasis on quality loan assets and a good strong
management combined with proper internal risk management measures, and
recovery efforts have helped the Bank to reduce its Net Non Performing
Assets to 2.5% as at 31-03-2005.
The Bank has tried to extend the best possible
services to its clients. As a major measure all branches have been
inter-connected through the Data Centre at Malad and it is with pride
that we have to state that your Bank is offering Core Banking Solution,
while being active in the Real Time Gross Settlement System (RTGS). The
Bank's Depository Services are being well utilised by Investors. Your
Bank, it would be remembered was amongst the first few in the
Co-operative Banking Sector to offer these services to its clients.
Constant upgradation of technology and earnestness in efforts to improve
customers service have contributed to the Bank's growth.
The Bank has fulfilled all prescribed parameters in
the areas of priority sector advances, capital adequacy and compliance
and various other prescriptions of the Reserve Bank of India.
At this juncture, it is very necessary to chalk out a
good future for our Bank inspite of various constraints that we are
likely to face in the future. Treasury income is not going to be what is
was, and therefore, the emphasis and focus is now on conventional
banking practices and rendering absolute first class customer services
to clients. We have an excellent staff contingent and with enhanced
training levels and with their levels of commitment and motivation that
has been evident in the past there is no reason why growth levels can
not be improved upon. Your Bank has the support of very dedicated
clients who have stood by us through thick and thin.
If the needs and expectations of our clientele are
met, I have no doubt that our Bank with its impressive and strategically
placed branch network will exceed the growth pattern in the Co-operative
sector.
Before I close, I earnestly thank all of you for the
continued support that you have given to the bank and request you to use
the Bank's services to its optimum levels. Whenever required please
suggest ways and means of improving the Bank's level of services.
I, once again, thank you all earnestly for the
confidence that you have reposed in us which has truly been our source
of strength.
K.D.VORA
CHAIRMAN
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