In a recently organized 41st Annual General Meeting of Maharashtra based Jalgaon Janata Sahakari Bank, it was revealed that though the NPA of bank has increased marginally it has done well on all other parameters.
The UCB has done well on the fronts of deposit, loans and advances, net profit, net worth, etc. as revealed in the AGM report published on the bank website. The AGM was held at Sant Baba Hardasram Mangal Karyalaya, Ganesh Nagar, Jalgaon.
The Gross NPA of bank has been increased from 4.33 percent to 4.62 percent whereas Net NPA rose from 0.40 percent to 0.67 percent at the end of March 2019.
The Total business mix of the bank stood at Rs 2,651 crore as on 31st March 2019 as against Rs 2,289 crore in the previous year reflecting an increase of Rs 362 crore. Deposit and Gross advances stood at Rs 1,634 crore and Rs 1,017 crore, thereby registering a growth of 17.51 percent and 13.28 percent respectively.
However, this correspondent efforts to contact the Bank’s Chairman Anil Rao failed twice as he claimed to be busy in meetings.
The bank earned a net profit to the tune of Rs 12.15 crore. Earlier it was Rs 11.04 crore. The net worth of the bank stood at Rs 89.99 crore. Bank is having 40 branches across Maharashtra and has one extension counter.
The board of directors has recommended a dividend of 10 percent on pro-rata basis on share capital for the year ended on March 31, 2019.
According to the AGM report, during FY 2017-18 the bank has successfully rolled out the Web Based CBS software across all the branches of the bank. As a result of the UCB is providing new services like Mobile banking with IMPS, UPI to customers.
Bank has also made a road map for the future in which mobilizing low cost CASA deposits, concentrating on Quality credit growth with focus on priority sector segment, improving asset quality and recovery, expansion of digital channels are top priorities.
Besides banking operations, the UCB is also focusing on social causes such as Bank’s effort towards green environment by planting more and more trees. The UCB also plans to build public toilets at different places.
On the occasion of AGM the bank also felicitated CA Prafull Chajed who was recently elected as the President of All India CA Association. Jalgaon MP Unmeshdada Patil and Raver MP Shrimati Rakshatai Khadse were also felicitated on this occasion.