ALL INDIA CENTRAL BANK OFFICERS' ASSOCIATION
(Affiliated to AIBOA)
6th floor, Central Bank of India, Mumbai Main Office,
Flora Fountain, Fort, Mumbai-400 023.
TeleFax: 022-22662498, E-mail: aicboa@rediffmail.com
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AICBOA:CIR:2013:001 1st January 2013
TO ALL CENTRALITES
Happy New Year - 2013
Dear Comrades,
As the year 2013 arises, on behalf of AICBOA, let me wish all Centralites and their family members all the best for A Very Happy New Year. We wish, pray and hope that the new year 2013 bring you all good health, peace of mind and great happiness.
As far as our Bank is concerned, as you all know, the F. Y. 2011-12 was a challenging year. This was mainly due to the slow down of the economy that we all faced. The said trend continues even today. The economic situation has adversely affected the business of all financial institutions and we are not an exception.
Due to the slowdown of the economy, the stressed assets of our Bank has increased manifold during the year 2011-12 and there appears to be no end to the situation during the current year also. This has a telling effect on the profitability of the Bank. The net profit of the bank declined to Rs. 533 Crore in the year 2011-12 from Rs. 1252 Crore in 2010-11. For the half year ended Sept 2012, we could register a net profit of Rs. 666 Crore, which is not at all comparable with other peer banks. There will be greater pressure on the margins.
Mergers and acquisitions are the buzzword with the Finance Ministry. Dear Centralites, we have to keep our identity as CENTRAL BANK OF INDIA and we don't want to get merged with some other Bank and become a second citizen.
The only way to tackle the current situation is to work smart and hard with all sincerity and commitment to increase Business and arrest the NPA from further slippage and to make drastic recovery. Further, we have to improve the Income by increasing the retail advances and reduce the cost by garnering the low cost deposits. Of course, it is challenging task. The Challenges are not new to our Centralites. In the past we have done it and we are confident that every Centralite will rise to the occasion and deliver.
We call upon all Centralites to awake and arise to the situation with full commitment and dedication to tide over the difficult times. Dear Centralites, the future of the bank is in your hands.
We once again wish all the Centralites and their family members a Happy and Prosperous NEW YEAR 2013.
Yours comradely,
S. L. DAS
GENERAL SECRETARY
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