Vidyagiri: Alva’s Cooperative Society has achieved a net profit of ₹3.55 crore in the financial year 2024–25 and has declared a 17% dividend for its members.
This was announced at the 9th Annual General Meeting of the society for the year 2024–25, held on Saturday at the K. Amarnath Shetty Stage in the Alva’s Krishisiri campus, Mijar.
The annual report was read by the society’s Executive Officer Arpita Shetty, who stated that the society conducted business worth ₹170 crore this year, with a profit increase of ₹19 lakh compared to the previous year. The loan recovery rate stood at 99.62%. Since its inception on July 10, 2016, the society has grown to have 5,543 members, she added.
Dr. M. Mohan Alva, President of the society, said that Alva’s Cooperative Society will reach the milestone of its 10th anniversary next year. Over the past nine years, the society has earned the trust of its members through transparent and socially responsible practices. The society has played a key role in strengthening the cooperative movement, boosting rural economy, and empowering its members financially. He announced that the 10th anniversary celebrations will include new initiatives and wider member participation.
He also revealed plans to launch a new mobile app to offer members more convenient, faster, and transparent services. He clarified that there are no current plans to open new branches, and that the society aims to grow its business within the existing regulatory framework. The goal for the coming year is to collect ₹100 crore in deposits and increase total transactions to ₹195 crore.
The society has achieved Grade ‘A’ in audit classification for eight consecutive years, including this year, without any shortcomings in operations.
Students from Alva’s Kannada and English medium schools, who topped the 2024–25 SSLC State Exams, and are currently studying at Alva’s Pre-University College, were felicitated with ₹10,000 cash each. The honored students include Pavana Sharana Basappa Megoor, Harish Badiger, Riya Vidhyadhar Kamte, Vinay, Manya, Aitya, Chinmay, and Vaishnavi Prasad Bhatt, who secured second rank in the state in the 2nd PUC Commerce stream.
A cheque for ₹3,19,821, from the Cooperative Education Fund, was handed over to the Karnataka State Cooperative Federation through Bindu B. Nair, Lecturer at the Mijar Cooperative Training Institute.
The event was attended by Vice President E. Mohan Padival and board members Shripathi Bhat, Jayashree Amarnath Shetty, Narayan P.M., Vivek Alva, Ramachandra Mijaru, Prakashini Hegde, Ashwin Jossey Periera, and Meenakshi.
Jayaram Kotian, Director, welcomed the gathering. The event was hosted and concluded with a vote of thanks by K. Venugopal Shetty, Head of the Kannada Department at Alva’s Pre-University College.