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Chairman's Message

It gives me great pleasure to present the Annual Report for the Financial Year 2018-19, this being the first year of my tenure as Chairman of the bank. It is therefore with great pride and honour that I present the achievements and contributions of my bank in what has steadily become a highly competitive banking environment in the state.

Ever since the bank wiped out its accumulated losses in the FY 2009-10, the bank’s profitability and overall financial health has been on an upward curve. This year, we have posted an audited net profit of Rs.8.42 crores despite putting over Rs. 36 crores in provisions for NPAs and pension liabilities. We have waged a tireless campaign against NPAs which has resulted in decreasing our gross NPA to 5.22% and net NPA to 2.05%, a proud achievement considering the turmoil in the banking industry in the country for the same year. Our Capital Adequacy Ratio stands at a respectable 10.95 % while our reserves have risen to Rs.123 crores. The size of our balance sheet has grown to Rs.3,048 crores as against Rs.2,559 crores of the previous financial year. Deposits have touched an all-time high of Rs.2,595 crores and total business stands at Rs.3,826 crores. It is worthwhile to note that despite being a very small bank, the bank was able to provide provision to the tune of over Rs.18 crores for pension liability, in tune with the spirit of the Hon’ble Supreme Court’s landmark ruling on pension parity for employees of Regional Rural Banks. This has been achieved without the need for immediate recapitalization aid from the Government and is a testimony to the financial health of the bank. In spite of welcoming 43 new recruits in the last week of March 2019, we still managed to increase our business per employee to Rs.9.15, up from Rs.8.9 crores for FY 2017-18. Our provision coverage ratio now stands at 60.72 % as against 40.11% of the previous FY, and within the next one or two years, hope to achieve the benchmark 75% coverage.

During the year, major reshuffling of portfolios at the administrative and branch level was put in place. This exercise had been undertaken to ensure continuity of the high standards already in place, as well as to present new challenges to personnel in key areas. The results have been positive and we hope to build on the encouraging initial feedbacks. Apart from our core business of providing banking services, the bank has made its responsibility to society one of its most important agenda. This year, we have spent over Rs.28 lakhs towards social service through the CSR scheme. Most notably, we have donated – i) ambulance to joint YMA, West Phaileng ii) morgue van to MTP, Siaha iii) Plasma Expressor Penpol to Synod Hospital, Durtlang   iv) Washing machine and steel almirah to Mizoram Cancer Care Foundation   v) Water coolers to Gilead Special School, Bawngkawn & Hermon Children’s Home   vi) Sponsorship of Hrangbana College Mizo Department Study Tour, to name a few. The bank remains indebted to the people of Mizoram and will continue to unwaveringly honour its social responsibilities. The bank has come a long way from its very modest beginnings to being the largest networked bank in the state and the second largest in terms of business, just behind its sponsor bank, SBI. Although circumstances and situations have sometimes conspired to unfortunately pit us in competition with our sponsor bank in some places, we will forever remain indebted to them for their continued support and guidance.

We now look forward to building a motivated, professional workforce all the while keeping in touch with the common man and his needs. We will also be enhancing accessibility to our services through strengthening of our IT and alternate channel infrastructure. We remain committed as ever, to bringing banking services to those who previously have no access. We remain committed to promoting digitization of banking services, for the sheer convenience and transparency it brings and to play our role in sensitizing the general public on its benefits. And most of all, we remain committed to our role in driving forward the economic and social development of the state of Mizoram.

I personally thank each and every member of the bank’s work force, for their dedication and the tremendous support I have received from them. I thank my colleagues in the Board of Directors for their guidance and invaluable counsel. And most of all, I sincerely thank all our customers and well-wishers, for your trust and the confidence to bank with us.  We look forward to your continued support and patronage for the years to come.

Yours sincerely,

(V. Jayachandra)
Chairman

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Largest Branch Network in
Mizoram.
Mizoram Rural Bank
Head Office : B-5, Babu Tilla
Zarkawt : P.B.No. 160
Aizawl - 796007
Mizoram
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MIZORAM RURAL BANK
HEAD OFFICE
BABU TILLA, ZARKAWT, AIZAWL
MIZORAM - 796007
hr@mizobank.com

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