Maharashtra based Kaijs Bank earned a net profit of Rs 11.63 crore and registered a slight decrease in Net NPA levels in the 2021-22 financial year. This was announced in the 60th Annual General Meeting of the bank held recently.
The bank has earned a net profit of Rs 11.63 crores and gross profit of Rs 41.55 crores during this year, which is higher in comparison to last year i.e. 2020-21. The percentage of gross NPA is 9.41% and Net NPA percentage is 5.31%. Compared to last year, the Provision Coverage Ratio has increased this year.
Besides, as of 31st March 2022, the deposits of the bank stood at 2290.43 crores and loans & advances at Rs 1497.29 crores. The total business mix of the bank stood at Rs 3787 crores
Kaijs bank could not increase the credit portfolio up to the expected level due to the COVID-19 pandemic, flood and incessant heavy rainfall, lack of new business, massive competition in interest rates, difference in interest rates and inflation etc., various loan accounts are shifted to the other bank which has resulted in a decrease in the advances compared to last year, according to the statement published in annual report.
A press release sent to Indian Cooperative had the Chairman Prakash Awade saying, “In order to empower the tycoons and traders in and around the area so as to make foreign transactions as well as to mitigate the need of import export, the bank is taking initiatives to avail the facility of dry-port in this area”.
“The balance of Rs. 494.00 lakh is remaining for the payment of dividend. The Bank will take prior approval from RBI for payment of dividend to the shareholders of the bank”, he added.
On this occasion, the bank CEO Sanjay Shirgave read the meeting agenda, which was unanimously approved by the shareholders.
The bank’s Vice Chairman CA Chandrakant Chougule proposed a vote of thanks.