Despite odds, Pune’s Janaseva Sah Bank earns profit

Despite a critical economic condition in FY 2017-18, Maharashtra based Janaseva Sahakari Bank, Pune has performed well and registered a marginal hike in profit and advances, informed bank Chairman CA Pradeep Jagtap to the members present during the 46th AGM of the bank organized last week in an auditorium in Pune.

“The bank has registered a profit of Rs. 15.36 Crore during the financial year 2017-18 as against Rs 14.85 crores as on March 2017. Whereas the advances of the bank were at Rs. 1255.68 Crore as on 31.03.2018 as against Rs. 1253.57 Crore as on 31.03.2017”, he informed.

 The deposits were at Rs. 1795.67 Crore as on 31.03.2018 as against Rs. 1763.32 Crore as on 31.03.2017. Paid up capital has increased from Rs. 46.59 Crore to Rs. 49.14 Crore.

”In the last FY 2017-18, the repayment of loans by borrowers slowed down substantially. Net NPA increased from 1.76% to 2.89%. Whereas the BoD of the bank adopted various control measures to slow down the NPA. Your Bank’s NPA is Rs. 97.48 Crore as on 31.03.2018 as against Rs. 79.94 Crore as on 31.03.2017. ”, Jagtap stated.

The bank has earned commission of Rs. 50.77 Lakh through insurance business. Max Life Insurance co ltd., ICICI Lombard, Religare Health Insurance, SBI Life insurance also acknowledged the performance and felicitated top performing branches, he said proudly.

The bank chairman said, “Our Bank’s dream of owning a spacious Head Office Building is fast coming true and we will be shifting to our New Spacious Head office Building during the current financial year”.

The bank has announced 10 percent dividend for its Shareholders. As on today, the bank is having a network of 25 ATMs and more than 80,000 customers are using RuPay Debit card facility and more than 9,000 customers are availing IMPS facility.

The bank CEO Joshi Vinayak, board members, hundreds of delegates and others were present on the occasion.

The bank was established on 24th October, 1972 under the leadership of late Mama Sahib Hazare with the initial paid up capital of Rs 56 thousand.

 

Comments ( 2 )

  1. T.A.Naik

    Very good performance. Credit goes to Chairman/vice chairman who work thoughtfully and nourish a team of fellow directors and executives.congratulations.

  2. Krishnakumar Dighe

    Good continual growth. Must sustain and take leap. Proud to be associated with such bank.
    Good luck to all to exibit super performance in the year 2018-19.

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