Despite multiple restrictions imposed on the bank in the wake of the coronavirus, TJSB Bank has presented its audited results on time. The report also makes it clear that the UCB is able to maintain its financial position despite a number of odds.
The audit results say during the financial year 2019-20 the business mix of the Bank registered a growth of 4% and stood at Rs 17016 crores, comprising deposits of Rs. 11374 crores and advances of Rs. 5642 crores.
Bank’s Net Profit is at Rs 120 crore, which in the previous year was Rs 141 crore. Given the stress in the economy, there is a marginal growth in the Gross NPAs of the Bank from 4.64% in the previous year to 5.86% in FY 20, reads a press release mailed by the UCB.
The Bank’s Net NPA too have moved up marginally from 0.19% to 0.45%. The Bank’s capital position continues to be very strong. The Bank’s own funds are at Rs. 1191 Crs. (Previous Year Rs. 1108 Crs.). The Bank’s CRAR at 15.38% (previous year 15.23%) reflects the financial strength and the stability of the Bank.
TJSB has always enjoyed the distinction of being one of the very few banks to declare the audited results at the right time of the accounting year.
Chairman Vivekanand Patki informed that Covid-19 has thrown up multiple challenges before the banking system. To counter them, TJSB will continue to tighten the risk filters to manage and preserve the credit quality, maintain good liquidity and remain well capitalised even as we cautiously look for opportunities for growth in certain select areas.
During the challenging periods of lockdowns, all branches and ATMs of the bank remained operational and open to serve our customers, except on a few occasions when curfew or restrictions were imposed by the local authorities.
Our strength is reflected in our strong CRAR and sound liquidity position, for which we are thankful for the unstinted support and the confidence posed by our customers, shareholders and well-wishers; and the untiring efforts of our own TJSB team. We are confident of overcoming the adversities and uncertainties caused by Covid-19 and performing well in the current financial year i.e. 2020-21.
MD & CEO Sunil Sathe elaborated that the overall growth prospects are uncertain in the present pandemic situation due to lack of demand in the economy. Therefore, the bank would be focusing more on maintaining the asset quality and thus improving the bottom line.
“Various cost saving measures too have been introduced. We acknowledge the support and cooperation extended by our customers during the lockdown period and the contribution of our motivated and dedicated workforce”, said the MD.