Jijau Commercial Co-op Bank crosses business mix of Rs 600cr

Maharashtra based Jijau Commercial Cooperative Bank performed well in the 2022-23 FY and crossed the business mix of more than Rs 600 crore.

The Bank’s total business increased from Rs 569 crore (2021-22FY) to Rs 635 crore as of 31st March 2023. The deposits of the bank grew from Rs 343 crore to Rs 367 crore whereas loans and advances rose from Rs 226 crore to Rs 268 crore in the 2022-23 FY, said the bank Chairman Er Avinash Kothale.

Talking to the Indian Cooperative he said, “We have performed well on almost all the financial parameters and our net NPA comes down to 0.84 percent. Now, we are planning to apply to open six branches in different parts of Maharashtra”, he added.

He further said, “We are hoping that we will get permission for mobile banking in a few months. We will also apply for internet banking in the near future. We are aiming to cross the business mix of more than Rs 1000 crore in the span of two years”, Kothale underlined.

The bank earned a net profit of Rs 2.35 crore and gross profit of Rs 7.9 crore in the said financial year. It has 11 working branches in the Vidarbha region.

Kothale also asserted that Jijau Bank has implemented a scheme to make the youth entrepreneurial and to provide financial assistance under all-around industry subsidy and revitalization of farmers.

A few days back, the bank’s newly built head office was inaugurated in the presence of Lok Sabha MP Navneet Rana, Rajya Sabha MP Anil Bhende, Local MLA Yashomati Thakur and others.

The bank’s new head office is a four-storey building spread over an area of about 6700 square feet.