Despite numerous odds, the Annual General Meeting of Janata Sahakari Bank, Pune was held on a high note of reduction in NPA and marginal growth in profit. The 69th AGM was concluded recently at Progressive Education Society Sabhagruh, Shivajinagar, Pune.
While addressing the AGM, the bank Chairman Sanjay Mukund Lele said, “The recently concluded financial year 2017-18 was challenging for urban co-operative banks. Our deposits which stood at Rs 8472.36 crore at the end of the financial year 2016-17, saw a net increase of Rs 72.48 crore and reached to a figure of Rs 8544.84 crore as on 31/03/ 2018. The rate of increase in deposits was 0.85%, Lele underlined.
The achievement of the Janata Sahakari Bank is remarkable all the more as over all deposits of non-scheduled banks have decreased by Rs 277 crore in this financial year due to both demonetization and GST”, he revealed.
The Chairman further said, “Against all odds we have been able to contain the Gross NPA percentage at 6.92 of total advances. With the efforts of the team, the bank has performed well in reducing the Gross and Net NPAs. The bank’s gross NPA in 2016-17 was 8.99% and the net NPA was 4.89% whereas the bank’s gross and net NPA in FY 2017-18 was 6.92% to 4.44% respectively”.
The bank has earned a net profit to the tune of Rs 38.15 crore in 2017-18 FY as against Rs 36.11 for the previous FY 2016-17. The bank’s advances as of March 2018 stand at Rs 5705.46 crore. The credit to deposit ratio at the end of March 2018 was 66.77% against 67.16 % at the end of March 2017, said the Chairman.
Meanwhile, the Board of Directors have proposed a dividend of 6% subject to prior approval of RBI. During the year, the Bank opened branches at Narhe Ambegaon and Bibwewadi – growing suburbs at Pune. The Bank has now 71 branches & two extension counters.
“The bank extended financial assistance of Rs 75,000 to a voluntary charitable organization during the year 2017-18, which had conducted a friendly cricket match between Deccan Gymkhana team and Uri (Kashmir) Team”, Chairman said underlining UCB’s social commitment.
The target for CASA deposits during the next year (2018-19) has been set at 22.65 % with the stress on mobilization right from the beginning of the year as in the last year, he added.
The Bank Vice-Chairman Jagdish Laxmanrao Kadam, CEO Jayant Kakatkar, delegates and others were present on the occasion.