Achieving a net profit of more than Rs 100 crore, Thane based UCB TJSB Sahakari Bank yet again scored a hat trick in the financial year 2016-17. In a press release, the reputed UCB regards its uninterrupted growth being due to adoption of the latest digital technology.
To be exact, the TJSB Bank earned a net profit of Rs 102 crore in the financial year 2016-17. Deposits have gone up from Rs 8122 crore to Rs 9351 crore with a growth of 15.13%. In the same time period, its disbursed loan amount has gone up from Rs 4757 crore to Rs 5000 crore with a 5.10% increase compared to the last year.
The business mix of TJSB has witnessed 11.42% growth in F.Y 16-17 despite bleak economic outlook , demonetization and global events casting a shadow over the bank’s prospects. The Capital Adequacy Ratio increased from 13.34% to 13.82% for the F.Y 2016-2017. The Gross Non Performing Assets (NPA) stood at 4.69% while the Net NPA remains at 0.20%, the Bank said in a release.
“The professional and visionary Board of Directors of TJSB Sahakari Bank have sensed and understood that future is Digital Banking and ensured that the Bank adopted state of the art digital technology in banking across functions. This resulted in the launch of “TranZapp”, a NPCI approved Unified Payment Interface (UPI) based application at the beginning of the financial year to take care of digital transactions” the release from the Bank read.
“With a firm focus on cost rationalization, substantial improvement in operational efficiency, stress on our core competency, generation of new and stable revenue streams, and efficient capital deployment, the Bank was successful in achieving the milestone of `100 crore net profit for the third consecutive year” said Mr. C.Nandagopal Menon, Chairman of TJSB Sahakari Bank at the press conference held in Thane for declaring the Audited Financial Results for the year 2016-2017.
He thanked all the customers and the well-wishers of the Bank for supporting and standing by the Bank during demonetization. He also congratulated the employees for playing an active role in achieving the net profit figures of `100 crore, further declaring the opening of 11 new branches in the financial year 2017-2018.
Along with Menon, the press conference was attended by Vice Chairman Pradip Thakur, the Board of Directors, and the MD & CEO of the Bank, Sunil Sathe.
Sathe mentioned that along with Unified Payment interface (UPI), the TJSB has acquired the status of Bharat Bill Payment Operation Unit (BBPOU), thus empowering its customers with these most modern banking technologies.
In the year 2016-2017 the UCB opened 12 new branches across 4 states, successfully managed the sale of houses in Navi Mumbai, developed by the Government organization CIDCO, inked in tie-ups with LIC, ICICI Lombard, New India Assurance, Religare for providing bancassurance services and implemented the Centralised KYC (CKYC-R) system for customers, etc.
It also initiated ASBA facility for customers to ensure they could invest in IPO of companies without losing interest on their money and enabled pan India electronic payment facility with the help of Corporate Salary and Pension Credit facility and NACH.