Co-op society posts Rs 40.26 lakh profit

 Speaking to the mediapersons during the Society’s 15th annual general body meeting, he said the society has advances of Rs 13.44 crore and has recovered Rs 13.21 crore.
The total loans and advances at the year end stood at Rs 19.89 crore.

The Society has earned a net profit of Rs 40.26 lakh during the current financial year as against the Rs 54.70 lakh for the previous year.

Slashing of interest

The reduction in the profit was due to slashing the interest rates on loans and advances. The Board of Directors recommended a dividend of 12 per cent to its members for the year 2008-09 on the audited net profits of 40.26 lakh, he informed.

The Society will start a Pre University College with PCMB and PCMS streams from the next academic year.

This is the first Co-operative Society under the Co-operative Act to enter the educational scenario in the entire State, he said.

Vice-President Suresh Shetty, Directors Shankar B, Vijendra Nayak, Nagesh Bangera, Ratna G, Dayanand Sherigar and others were present on the occasion.