Maharashtra based Jalgaon Peoples Co-operative Bank has delivered an impressive financial performance in FY 2024–25, achieving a sevenfold increase in net profit and crossing a business mix of Rs 3,200 crore.
According to the bank’s annual report, the net profit surged from Rs 1.44 crore in FY 2023–24 to Rs 11.46 crore as of 31st March 2025. The business mix, comprising total deposits and advances, rose from Rs 3,140 crore to Rs 3,237 crore during the same period.
The share capital increased significantly to Rs 39.38 crore, while the number of shareholders rose by 28.04%, growing from 32,759 to 41,945. The number of nominal shareholders remained steady at 2,885.
The bank recorded a 2.50% increase in total deposits, reaching Rs 1,977.42 crore as of 31st March 2025, up from Rs 1,929.18 crore the previous year. As part of its financial inclusion efforts, the bank opened 13,268 new savings accounts and 1,607 current deposit accounts.
In terms of lending, the credit portfolio grew from Rs 1,211.48 crore to Rs 1,260.32 crore, showing a net increase of Rs 48.85 crore. During the financial year, new loan disbursements totalled Rs 262.22 crore. The loan-to-deposit ratio stood at 63.74%.
“The bank’s Recovery Department played a pivotal role in enhancing financial health by recovering substantial dues from ARC, NBA, WOA, and NPA accounts. Significant recovery from a top 20 NPA account contributed to a major improvement in the Provision Coverage Ratio (PCR)”, reads its annual report.
The bank was also able to reduce its NPA levels. The net NPA and gross NPA stood at 1.92 percent and 4.82 percent, respectively.
The profit after tax stood at Rs 11.45 crore, and with the addition of the opening profit of Rs 2.35 crore, the total profit for FY 2024–25 reached Rs 13.81 crore.
The Capital Fund rose from Rs 168.20 crore to Rs 182.57 crore, while Risk Weighted Assets declined from Rs 1,265.20 crore to Rs 1,203.68 crore. This led to an increase in the Capital to Risk Weighted Assets Ratio (CRAR) from 13.29% to 15.17%, well above the RBI’s required minimum of 12% for cooperative banks.
The bank’s annual report also includes a proposal to amend its bye-laws. Currently, a member expelled from the bank is ineligible for re-admission for one year. The proposed change extends this period to three years, aligning with Section 30 of the MSCS Amendment Act, 2023. This amendment, along with other proposed changes, will be placed before the Annual General Meeting of the bank scheduled to be held on 29th June 2025.
Meanwhile, efforts to get a reaction from the bank’s Chairman on the annual report and other details were unsuccessful, as his office informed that he was unavailable.
