Maharashtra’s Amravati -based Jijau Commercial Cooperative Bank crossed the business mix of more than Rs 550 crore in the 2021-22 financial year and proposed to give a 12 percent dividend to its shareholders.
The bank’s total business increased from Rs 479 crore (2020-21FY) to Rs 570 crore as of 31st March 2022. The deposits of the bank grew from Rs 300 crore to Rs 344 crore whereas loans and advances rose from Rs 179 crore to Rs 226 crore in the 2021-22 FY, said its Chairman Avinash A Kothale in an informal chat with Indian Cooperative correspondent.
“We are aiming to achieve a deposit base of Rs 500 crore by the end of the current financial year. Though, it is not so easy, we have given the target to our branches and hope that with the help of a dedicated staff we will touch this figure”, Kothale added.
He further added that, we are focusing on controlling the NPA levels, as our gross NPA counts 9 percent but as of 31st March 2022, the net NPA stood at 2.56 percent. Apart from this, we are planning to adopt the new technology to make banking easier, so that we can also compete with other players in the market, the Chairman underlined.
Kothale also asserted that Jijau Bank has implemented a scheme to make the youth entrepreneurial and to provide financial assistance under all-around industry subsidy and revitalization of farmers.
The bank’s CRAR and CD Ratio in the 2021-22 FY were 19 percent and 65 percent respectively. The bank earned a profit of Rs 2 crore in the said financial year. It has 11 working branches in the Vidarbha region.
Readers would recall that last year, the bank shifted its head office to a sprawling new building which is four storey and spread over the area of about 6700 square feet. For 20 years the bank’s head office had been on rent.