The fourth largest urban cooperative bank in India- TJSB Sahakari Bank’s business crossed to more than Rs 22,000 crore and earned a net profit of Rs 216 crore in the 2023-24 FY, registering a growth of 25.41 percent over the previous year.
Addressing a press conference on Wednesday, the bank Chairman Sharad Gangal announced key financial highlights of the 2023-24 FY. The deposits registered a growth of 6.15 % and stood at Rs 14588 Crs. The loan book registered a growth of 9.19 % and stood at Rs 7875 Crs”.
“The business mix registered a growth of 7.20 % and stands at Rs 22463 crores. The net profit of the bank is Rs 216.36 Crs thereby showing a rise of 25.41 % over the previous year”, he said.
Gangal further added, “These numbers not only reflect the bank’s dedication in maintaining strong financial health and effectively managing risks but also showcase the trust customers have in the bank”.
The TJSB has successfully reduced the gross NPA % from 3.99% to 3.66% showcasing Bank’s effective recovery mechanism and emphasis on asset quality.
Furthermore, Chairman Gangal highlighted the bank’s prudent risk management practices and its commitment to supporting the economically weaker strata of society.
He said , “As a responsible financial institution, the TJSB Bank has prioritized prudent lending practices and efficient risk management. We are dedicated to supporting the economic recovery efforts by extending credit facilities to deserving individuals and businesses”, he noted.
Looking ahead,the TJSB remains committed to its mission of inclusive banking. The bank is poised to leverage emerging opportunities and reinforce its position as a “Bharose ka Bank Bhavishya ka Bank” for its customers.
In her address to the press conference, Managing Director & CEO of the bank ,Smt. Subbalakshmi Shirali, outlined the strategic initiatives undertaken by the bank during the financial year 2023-24.
She stated, “Amidst evolving market dynamics, the TJSB has continued its journey of growth and innovation. Our focus remains on enhancing customer experience, embracing digital transformation, and expanding our reach to untapped segments.”she remarked.
The press conference was attended by the bank Vice-Chairman Vaibhav Singavi and the board Directors, members of the Board of Management and senior executives of the Bank.
It bears recalling that recently the TJSB inaugurated branches in Karjat – Thane, Waluj – Sambhaji Nagar, Porvorim – Goa (Under the automatic route) and an off-site ATM at National Cancer Institute, Nagpur thereby reaffirming its commitment to accessible banking services.
Under the automatic route, the bank would soon be opening four new branches in Moshi, Baramati and Wagholi in Pune district and Anand Nagar in Ghodbunder Thane, extending its reach to diverse geographies.
The TJSB has received prestigious awards like “Best Digital Sales, Payment & Engagement,” “Best Tech Talent and Organization,” and Runner up Award for “Best Technology Bank of the year” from the Indian Banks’ Association (IBA).
On February 5th, 2024, the Bank launched “TJSB Sandesh” a voice-based QR code transaction alerting App. This innovation enhances customer convenience and security, streamlining transactions seamlessly.