I am pleased to inform you, that your Bank has successfully met the challenges and proved to be one of the professionally managed, financially sound and technologically aggressive co-operative Banks in the country.
It is indeed a fact that We all are in the age of competition. Though there was stiff competition in the market, your Bank has met targets in Deposits as well as in Advances. I am pleased to say that your Bank has achieved the growth of more than 24% in Deposits and more than 18% in Advances. Both are well above the average industry standards. During the financial year, the credit deposit ratio was more than 67% indicating effective utilization of the Loanable resources of the bank. I am pleased to inform you that the deposits of the Bank as on date are over Rupees 2,352 Crores & Advances over Rupees 1,553 Crores.
Though the average cost of deposits was increasing, the sustained increase in business per employee of your bank during the year has helped to achieve the higher gross income at Rs 260.93 Crores which resulted in Net Profit of Rs.30.52 Crores, after payment of Income Tax which was made applicable to the Co-operative banks effective from the year 2006-2007.
With such an excellent performance of your Bank, I am pleased to inform you that the Board of Directors has proposed dividend of 15% for the year 2008-2009, which is the maximum limit as per the byelaws of the Bank.
The Board of Directors ensured regular monitoring of loan accounts and continuous follow up with the borrowers. As a result of aggressive monitoring of loan accounts, the percentage overdue to total loans and advances as on 31 st March, 2009 was reduced to 2.11% from 2.39% of the previous year.
The Gross Non-Performing Assets were reduced to Rs.33.62 Crores as on 31 st March, 2009 from 35.02 Crores of the previous year. The net Non-performing Assets continue to remain zero for the last five financial years. We seek your support for further reduction in Gross Non-Performing Assets in the current year.
Speaking on the Technology front, it is needless to say that your Bank is pioneered and successfully running core banking solution for the last six years thereby improving customer service and customer satisfaction. Your Bank has eighteen on-site ATM centers and has plans to introduce five more onsite ATM centers shortly. It also has plans to share network of other Bank's ATMs. Your Bank has already introduced SMS Alerts, Telebanking, NEFT and RTGS facilities.
I am pleased to inform you that RBI has issued category-I Authorized Dealer licenses to your bank on 26th September 2008, to conduct full fledged FOREX Business. We ars moving ahead in the business independently and have setup a specialized FOREX Department.
Your Bank has introduced Electronic Collection machines to collect Daily Deposites and issue receipts to the customersinstantly on receipt of daily deposits.
It gives me immense pleasure to announce that your Bank continued to receive awards for the meritorious performances in various fields, which are already displayed in the Annual Report. In addition to these, recently your Bank has received second prize for the overall performance of the Bank during the year 2007-2008 from The BrihanMumbai Nagari Sahakari Banks Association, Mumbai in the category of Banks having deposits more than Rs.1000 Crores.
With the relaxation in Branch Licensing Policy for Urban Co-operative Banks, your Bank has opened two new Branches at Pune and Udupi, during the period under report. One branch at Panvel was inaugrated on 14th May 2009. We are pleased to inform you that RBI has given permission to open three new branches at Goregaon(West)-Mumbai, Jayanagar-Bangalore and at Suratkal-Mangalore. We propose to open these branches during this financial year 2009-2010
To encash the relaxation in Branch Licensing policy of the RBI, the Bank is planning to submit Annual Business Plan for opening a few more Branches during the Financial year 2010-2011.
The Board of Directors has always stressed on providing excellent services to all the customers and shareholders. With this objective, the Bank has been imparting training to the employees of the Bank at all levels, covering various fields to enhance their knowledge and skill, thereby helping them to improve upon customer services. The inhouse Learning Center which was setup at our own premise at Goregaon, with all the facilities and amenities is meeting all requirements of training to employees.
Besides imparting training to the employees for their professional growth and development, the bank also provides platform for the employees and their family members to showcase their talent by participating in various cultural activities during the Annual Day organized by the Bharat Bank Staff Welfare Club. They are also encouraged to take active part in publication of quarterly in-house magazine and BCB Bulletin.
I gratefully acknowledge and thank the authorities of the Reserve Bank of India, the Central Registrar, New Delhi, the Commissioner for Co-operation and the Registrar of Co-operative Societies, Maharashtra State and Karnataka State for their continued guidance and co-operation from time to time. I sincerely thank The Billawar Association, Mumbai, the parent body and its office bearers and members for their continued support to the growth and development of the Bank.
The employees at all levels also deserve the credit to the progress made by the Bank. It is because of their dedication, hard work, positive and constructive approach towards various issues, the Bank could reach the status what it is today. I am sure their sincerity, team spirit and loyalty to your Bank will take the Bank to greater height of prosperity and success.
My thanks to the various institutions, authorities and individuals who have extended their support and helped the Bank in its path of progress. I am confident that with the support from you, we shall further improve upon the performance of your Bank in the years to come and will continue to set higher goals. Your trust and confidence in the Bank is the key to its continuous growth and we sincerely acknowledge the same.
Finally, I would like to thank the members on Board for being a source of guidance and special thanks to Shri Jaya C Suvarnaji, who is an inspiration to all of us. It is the team spirit and unity amongst the members that has facilitated and will always facilitate the growth and development of the Bank. We commit ourselves to offer still better Banking atmosphere to all of you. 
