Despite Covid-19 challenges, Maharashtra based Kallappanna Awade Ichalkaranji Janata Sahakari Bank has performed well in the 2020-21 financial year and crossed a business mix of more than Rs 3800 crore. The bank has earned a gross profit to the tune of Rs 36.64 crore, which is more than double in comparison to the 2019-20 FY.
The total business mix increased from Rs 3,640 crore (2019-20) to Rs 3,821 crore as of 31st March 2021. The deposits grew from Rs 2,214 crore to Rs 2,290 crore whereas loans and advances rose from Rs 1,425 crore to Rs 1,531 crore in the 2020-21 FY. The figures were revealed during the 59th Annual General Meeting of the bank held virtually.
The gross and net NPA is 9.08% and 5.71 % respectively. The CRAR of the bank stood at 12.84%. The reserves of the bank increased from Rs 152 cr to Rs 172 cr as on 31st March 2021. The bank earned a net profit of Rs 11.42 crore.
On this occasion, the Chairman of the Bank and MLA Mr. Prakash Awade said, “Due to Covid-19 and lockdowns, the whole business sector has collapsed and as a result, the economy of India has slowed down to a large extent. Last year, RBI announced a six months moratorium period and facility of restructuring of loans to the business sector so as to overcome the pandemic situation”.
“Accordingly, our bank has taken initiatives to avail the facility of loan restructuring for the account holders and restructured the loans up to Rs 65 crore and helped the members and businessmen to boost their businesses. We have also helped the borrowers by providing 20% additional working capital term loan for strengthening the business sector. The bank has decided to pay a dividend to the members of the bank with the prior permission of RBI”, he added.
Expressing thanks to all the members, the bank Vice-Chairman CA Chandrakant Chougule said, we are working hard to take the bank to newer heights. We are committed to developing the bank and introducing new schemes in the interest of depositors.
The Bank’s CEO Vijay Kamat presented the agenda, which was unanimously passed by the members.
