Directors Report



Our Mission

Your bank has always gone the extra mile to serve the needs of our community. We have endeavored to set up branches in expanding parts of our city, where the banking needs of people are underserved. We have tried to ancipate and fill the needs of various instuons that serve our community. Our extensive program of fee collecon in schools is one such example. We have developed a robust micro-lending program to serve the most needy at the boom of the economic pyramid. We connue to impact the lives of the small entrepreneurs for whom mely financial intervenon is a significant requirement for success. We remain sensive to the needs of our community such as housing, healthcare and education and provide much needed support.

Financial Performance

Your bank has posted a commendable financial performance despite a very sluggish economy. The economic slowdown has affected many small businesses and even impacted salary earners, some of whom have been laid off. The trickle down affect for your bank has been a marginal increase in NPAs. The reserves of the bank have increased to Rs.1692.17 lakhs and a net profit of Rs.151.59 lakhs has been posted for the financial year 2017-18. The Board proposes a dividend of 11.5% for the members and a bonus of 11.5% for the staff. The proposed appropriaon of Net profit is as follows:

Reserve Fund3,789,665.80
Co-operative Education Fund 303,173.26
Operational Reserve3,031,732.64
Building Fund757,933.16
Common Good Fund757,933.16
Bonus to staff at 11.5%1,999,724.54
Dividend at 11.5%4,333,210.00
Investment Fluctuaon Reserve (IFR)185,290.65
Total Net Profit15,158,663.21

Management

The true grit of the management team and the staff emerges in challenging circumstances, such as the financial year 2017-18. I am proud to commend the hard work and dedicaon of every member of the staff led by Mrs. Sharon Joseph, Mr. Prathap George and Mrs. Nileema Jasmine. The financial performance delivered by the bank in such a sluggish economical environment is a tesmony to their dedicaon. Your bank seeks to promote this culture of efficiency with empathy with every new staff member that joins the bank. The staff have endeared themselves to clients and members by going out of the way to serve them.

Future Prospects

In a recent announcement the Reserve Bank of India has opened the door for Urban Co-operave banks such as ours to convert to Small Finance Banks. As our bank has an excellent track record, we are well qualified to take this significant step, subject to meeng the entry point criteria for Small Finance Banks. This would require a significant increase in the share capital of our bank. I would therefore take this opportunity to urge all members of the bank to increase their shareholding in Guardian Bank as much as possible. Converng to a Small Finance Bank will allow your bank to operate naonally and grow exponenally. We are indeed excited about this opportunity and congratulate the Reserve Bank of India on this move.

Acknowledgement

At Guardian Bank, we are blessed by the prayers and support of the enre community without excepon. We are deeply grateful to the Archbishop, Bishops, Pastors, Priests, Nuns and religious who have always supported us. We are fortunate to have external Consultants who are deeply commied to Guardian Bank and are grateful for their services. I wish to thank all members especially those who have gone out of their way to help us. Above all, on behalf of the Guardian Bank family comprising of members and staff, I wish to thank God for standing by us for the past 21 years.