Assessing news men, Chairman of the multi-state scheduled co-op bank, TJSB Sharad Gangal informed that the Bank has achieved a business mix of Rs 20954 crores for the financial year ended 2022-2023. Later the UCB released a press statement detailing the figures.
According to the release the Bank’s deposits increased from Rs 13336 crores to Rs.13743 crores over the previous year. Similarly, the Bank’s loan portfolio increased from Rs 6723 crores to Rs 7211 crores.
The gross profit of the Bank has also increased from Rs. 237 crores to Rs. 291 crores. Net profit increased from Rs.155 crores to Rs.173crores. The Gross Non-Performing Assets stood @ 3.99 % and Net Non-Performing Assets were @ 0%. Due to effective interest rate management and effective recoveries, the Bank has been able to show a healthy profit, says the press note issued by the bank
It is informed that the bank is planning for expansion by opening new branches this year. Through this branch expansion, banking facilities will be extended to various strata of the society. Along with basic banking, new digital avenues will be provided keeping in mind the needs of the customers.
“Our motto will be “Banking for All”. My sincere thanks to all the shareholders, the customers, all the well-wishers of the Bank, Board of Directors, members of the Board of Management, and the entire TJSB team for putting in stellar efforts in this overall progress of the bank, the press release reads.
According to the chairman, this year the Bank has recorded the highest profit. Keeping in view the increasing competition in the banking sector, increasing customer expectations for advanced technology services, and increasing trend towards digital banking, the bank has initiated implementation of the Core Banking System (CBS) system in collaboration with TCS. The CBS system of the Bank will make banking services more user friendly and customer centric, he said.
In his remarks, the MD & CEO of the Bank, Sunil Sathe attributed the significant profit growth of the bank to effective interest rate management of recovery and dedication of officers and employees along with the professional approach of the Board of Directors. As per the Reserve Bank of India policy, the bank has focused on disbursing loans of Rs 1 crore and below. Impetus will be given to granting loans to the economically weaker sections of society, he noted.
The Vice Chairman of the bank Vaibhav Singavi and the Board of Directors and Executives of the Bank were present at this press conference. It is worth mentioning that TJSB Sahakari Bank is one of the country’s leading Multi-State Scheduled Co-operative banks.