With hundreds of delegates in attendance, Maharashtra based Jalgaon Janata Sahakari Bank held its 40th Annual General Meeting on Sunday with full gusto. Anil Govind Rao, Chairman listed the achievements of the UCB amidst a cheering assembly.
On this occasion, the bank has also launched BHIM application for encouraging cashless transactions.
“In the financial year 2017-18, the bank has performed well putting in efforts to reduce the Net NPAs from 0.98 percent (2016-17) to 0.40 percent. The Total Business Mix of the Bank stood at Rs. 2289.16 crore as on March 31, 2018 as against Rs.2127.02 crore in the previous year reflecting an increase”, Anil Govind Rao, Chairman soon after the AGM informed this correspondent on the Phone.
Rao said, “the bank has earned a net profit to the tune of 11.04 crore as on March, 31 2018 as against Rs 8.22 crore in the previous financial year. The CD ratio of the bank stood at 64.61% as on March 2018 as against 61.60% as of March 2017”, he informed.
The Bank Deposits increased to Rs. 1390.62 Cr. during the FY 2017-18, depicting a net increase of Rs. 74.42 Cr. (5.65%) from Rs. 1316.20 Cr. Advances portfolio increased to Rs. 898.54 Cr. during the FY2017-18, depicting a net increase of Rs. 87.72 Cr. (Growth of 10.82%) from Rs. 810.82 Cr.
The bank has announced 10 percent dividend to its shareholders.
Meanwhile, the bank is planning to lay the foundation stone of its new head office in this financial year. “In 1995 our bank had purchased the land measuring 22,000 sq feet at the cost of about 1 crore. Now we are planning to start the construction work on the same land in October and this will be completed till 2020. The estimated cost of project is about 17 crore”, he added.
He further said, “On the occasion, we have announced the initiative with regard to SHGs run by the bank. As there are about 3500 self help groups run by the bank having more than 60,000 active woman members. During the AGM we announced that 50 percent of education expenses of children of women working in these groups will be borne by the bank after their twelveth standard”, he said.
The bank has a network of about 40 branches across Maharashtra.
The bank continues to target schools, colleges, traders, shopkeepers and corporate entities for establishing banking business relations.