Gujarat based Junagadh Commercial Cooperative Bank earned a net profit of Rs 3.66 crore in the 2023-24 FY, which is the highest ever in the history of the bank.
This was revealed during the bank’s 54th Annual General Meeting held last week, in which Junagadh Member of Parliament Rajesh Chudasama was also present.
The bank, which is headed by Sagarbhai Kotecha-the Son of veteran cooperator Dollar Kotecha, has performed well on all the financial parameters. The bank deposits grew from Rs 343.14 crore (2022-23) to Rs 357.38 crore as on 31st March 2024. The advances increased from Rs 207.50 crore to Rs 222.98 crore in the 2023-24 FY.
The bank’s total business stood at Rs 580.36 crore. The Net NPA of the bank remains ‘Zero’ and the gross NPA comes down from 3.30 percent to 2.80 percent as on 31st March 2024.
The bank announced a 12 percent dividend for its shareholders. Junagadh Commercial Cooperative Bank, which was established in 1985, has a network of 15 branches.
