The recently audited financial results of the TJSB Sahakari Bank have come up with impressive reports, shooting adrenalin through the UCB family members. The bank’s business not only jumped the barrier of Rs 15 thousand crore but also earned a profit of Rs 200 crore in the process.
According to a press release sent by the UCB, its Business Mix stands at Rs 15340 crore which is a 6.89% increase over the last year. The aggregate deposit of the bank has registered a growth of 5.60% thereby increasing the deposits to Rs 9875 crore as against the previous year’s deposit of Rs 9351 Crore.
The advances of the bank grew @ 9.30% to Rs 5465 Crore from the previous year’s figure of Rs 5000 crore. The profitability of the Bank improved during the financial year both on revenue & cost parameters.
The Gross Profit of the Bank registered a growth of 19.53% and reached at Rs 202 crore as against Rs 169 crore last year. The Net Profit has also registered a growth of 23% and reached Rs 126 crore as against Rs 102 Crore last year.
The Bank’s own funds have also grown to Rs 1001 crore which is Rs 126 crore more than last year, with the growth rate at 14.40%. The Bank’s Gross NPA is 4.75% and Bank’s Net NPA is 0.22%. The Bank’s Capital Adequacy is at 14.20% as against last year’s 13.82 %.
Commenting on the FY Report the Chairman of the UCB Mr Shri. C. Nandgopal Menon said “Indian economy witnessed 3 structural reforms during F.Y. 2017-18 viz. Bank Capitalisation, Insolvency Resolution & GST. The task of unlocking the full growth potential of the economy has started in the last quarter of F.Y. 2017-18. Against this backdrop, TJSB’s performance has been very satisfactory. During the year Bank opened 9 branches including one at Indore, Madhya Pradesh.”
The Bank now has its presence in 5 States viz. Maharashtra, Gujarat, Goa, Karnataka and Madhya Pradesh through its network of 136 branches, Menon said.
The Bank could achieve these milestones only because of the never ending support and faith reposed by the customers, shareholders, well-wishers and of course the team TJSB, he added.
TJSB is completing its 50 years in 2022 and has kept a vision of achieving a business-mix of Rs 25,000 crore through 200 branches, the Chairman revealed.
Speaking on the occasion MD & CEO Sunil Prabhakar Sathe said “When the going gets tough, the tough gets going”. With this in mind, TJSB has converted every challenge into an opportunity and achieved new landmarks, he added.
The Bank has maintained the perfect balance of growth & trust. The main attributes of TJSB’s success are transparent working, effective & optimum use of technology, professional management and a motivated work force, MD claimed.