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9^th Annual General Meeting of SISCO Bank Ltd.

 The 9^th Annual General Meeting of the SISCO Bank is scheduled to be held on 30^th September 2008 at Janta Bhawan, Gangtok. 

As per the financial report, as on 31^st march 08, the Bank shows a Net Profit of Rs. 173.51 Lakhs which is 74.08% more than previous year.  The Share capital of the Bank is Rs. 1017.43 Lakhs. It has increased by 1.75 % over the previous year.  The total deposits of the Bank registered a growth rate of 201.20% during the year.

The total outstanding borrowings of the bank as on 31^st march 2008 stood at Rs. 415.25 Lakhs. Entire borrowing outstanding was from NABARD under the Automatic Refinance Scheme. The Bank is the largest purveyor of Credit under Kissan Credit card and it has so far issued 25832 KCCs as on 31^st March 2008.

The total investment portfolio registered a growth rate of 221.50% in comparison to previous year. Two Braches were opened, one at Singtam and another at Jorethang during the year.

As on 31^st March 2008, the overall recovery of the bank stood at 55.3% against the demand. The Non Performing Asset of the Bank has decreased from Rs. 113.62 Lakhs as on 31^st March 2008 to Rs. 98.46 Lakhs.

The SISCO Bank has achieved almost all parameters stipulated under a tripartite Memorandum of Understanding executed by the Bank with Government of Sikkim and NABARD to improve the overall performance of the bank.

The bank has earmarked Rs. 37, 70,162.00 for payment of dividend to the Share holders for the year 2007-08. Under Debt waiver and debt relief scheme 2008, SISCO Bank has already lodged claim of Rs. 85.04 Lakhs in respect of 539 farmers of the state with NABARD. 

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