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Directors Report

Dear Members,

It gives me great pleasure to welcome you to the 18th Annual General Body Meeting of Guardian Souharda Sahakari Bank Niyamita.

In the 17 years that your bank has spent in service of the community, we have had the privilege of assisting thousands from our community on the road to financial health. We have worked to foster fiscal discipline and thrift in all those who come in contact with the bank. We have always seen our role as a bridge between the "haves" and the "have nots" of our community and have strived to be true to the trust and confidence of our depositors and fair and firm with our borrowers. We have also tried to direct community resources into projects that would have a lasting social impact. As a bank we are subject to strict supervision and compliance by the government. which in itself helps us to safe guard public money and deliver strong financial performances each year.

We are happy to announce a record profit for the financial year 2014-15. Your bank continues to grow, and as on 31st March, 2015 our reserves stand at Rs.1829.48 lakhs. The commendable performance of low NPAs, high growth and profitability is the result of well-coordinate team work by the entire Guardian Bank staff and I congratulate them. Your board is proud to announce a dividend of 12.5% percent and has proposed a staff bonus of 12.5% percent.

The board proposes the appropriation of the Net profit as follows :

Reserve Fund 3663521.64
Co-operative Education Fund 293081.73
Deficit Reserve 1465408.66
Operational Reserve 805813.79
Building fund 732704.33
Common Good Fund 732704.33
General Loan Loss Reserve 732704.33
Bonus to Staff @12.5% 1506552.75
Dividend @12.5% 4721595.00
Total 14654086.55

Your bank has been blessed from the very outset with a team of very highly dedicated staff for whom working at Guardian Bank and serving the community's financial needs is a vocation and life purpose. The senior staffs work with juniors in an effort to bring about a seamless and pleasant experience for all our clients. Senior staff are sensitized to the importance of teaching , sharing of knowledge and leading by example. On behalf of all the shareholders of Guardian Bank, I would like to congratulate Mrs. Sharon Joseph, the CEO and her entire team of Officers for their sterling performance this financial year.

Your bank continues to strive to grow despite regulatory and resource constraints. We plan to adopt new technologies to enhance the customer experience and bring banking to their door step. Your bank will continue its efforts to encourage thrift and enterprise among members of our community.

We appreciate the help, support and blessings that we have received from innumerable members of our bank. We are deeply grateful to the encouragement and support that we received from our Archbis op, Bishops, Pastors and Priests in our service to the community and also for remembering us in their prayers. I must mention my sincere thanks to the families of Guardian Bank staff who have been considerate and understanding of the long and grueling hours of work put in by every staff member. Our team of external consultants are always available to the management with their prompt advice and guidance. We thank them for this.

And finally we thank God for his ever present grace which gives us the strength, courage and wisdom in all that we do.