Kathmandu, December 22:

Cosmos Savings and Credit Cooperative Ltd — promoted by young entrepreneurs — has posted a 77 per cent increase in its net profit. “It has also recorded a gross profit growth of 360 per cent,” said the cooperative during its seventh annual general meeting here on Saturday.

Speaking on the occasion, cooperative chairman Priya Raj Regmi said that the institution had increased its share capital by 133 per cent, deposits by 404 per cent and loan and investments by 217 per cent.

The AGM was held under the chairmanship of Keshav Bahadur Thapa, senior official at the Cooperatives Division.

In the budget for the fiscal year 2008-09, the government has hailed the role of cooperatives and brought a programme called, Gau Gau ma Sahakari, Ghar Ghar ma Bhakari to promote the cooperatives movement in the country.

There are more than thousand cooperatives in the country at present.