Pune based Janaseva Sahakari Bank’s performance was not so good in the 2021-22 financial year in terms of financial figures released recently in its Annual General as compared to previous financial year i.e. 2020-21.
The bank has registered a decline in the field of total advances as well as Net profit as of 31st March 2022. The deposits of the bank saw marginal increase from Rs 2,029 crore (2020-21) to Rs 2,046 crore in the 2021-22 FY whereas loans and advances went down from Rs 1160 crore to Rs 1037 crore as of 31st March 2022.
Commenting on the performance, the Bank Chairman CA Pradeep Jagtap said, “The Covid-19 aftershocks have affected our business to a great extent but now we are making a strategy to regain the business. During the year, we have made heavy provisions from the profit”, he added.
“We hope that till the end of the current financial year, the areas where we lagged behind in the 2021-22 FY, we will make up for them. For expanding the business, we have made a strategy and the work is going in this direction”, Jagtap added.
The total business mix of the bank as of 31st March 2022 stood at Rs 3,083 crore. Besides, the net profit of the bank declined from Rs 8.48 crore (2020-21) to Rs 2.82 crore in the 2021-22 FY.
The CRAR of the bank stood at 17.57 percent. The Paid-up capital and investments as of 31st March 2022 stood at Rs 46 crore and Rs 913 crore respectively.
Besides, the priority sector advances are 49 percent and that of the weaker sections of society is 2.93 percent.
During the year 2021-22, the cooperative department has given recovery officer rights to 11 officers of the bank. Through the efforts of such officers an amount of Rs 2.04 crore has been recovered from written off accounts during the year, according to the statement mentioned in the 2021-22 annual report.
The bank has proposed a 5 percent dividend (subject to the RBI approval) for the financial year 2021-22.
Readers would recall that the Janaseva Sahakari Bank’s elections were underway and were slated for 7th August 2022 but the State Registrar of Cooperative Societies has postponed the elections of co-ops till September due to heavy rains and floods.