Himachal Pradesh based Jogindra Central Cooperative Bank has reported 0.5 percent net NPA in the 2020-21 financial year, which is the first ever in the history of the bank. Despite the Covid-19 challenges, the bank has also performed well on financial parameters like deposits, loans and advances, net profits and others.
The business mix of the bank increased from Rs 1400 crore to Rs 1700 crore as on 31st March 2021. The net NPA of the bank declined from 3.54 percent to 0.5 percent during the financial year.
Talking to Indian Cooperative, Managing Director Tashi Sandup said, “Beating all the odds our bank performed well on all the financial parameters. From controlling the NPA levels to earning profits to maximizing business, we have had a spectacular performance with the continuous support of management, employees and well-wishers who continue to repose faith in the bank”, he added.
As on 31st March 21, the UCB earned a net profit to the tune of Rs 8.94 crore and a gross profit of Rs 30.74 crore. The bank had deposit capital of Rs 1195.72 crore, loan worth Rs. 525.35 crore and gross Non-Performing Assets (NPA) of Rs. 46.37 crore up to 31st March, 2021 which was 8.82 percent of the gross loan.
Vowing to take the bank to newer heights, the bank MD informed that at present the UCB is focusing on grabbing new technology. He informed that recently State Chief Minister Jai Ram Thakur inaugurated the bank’s ‘J-Mudra’ mobile banking application. “Besides, we have planned to launch an IMPS facility within six months”, MD asserted.
Jogindra Central Cooperative Bank is also in the process to shift its head office to a new location at its own premises. “We have purchased land to construct the head office at Solan and the construction work is yet to start. The estimated cost of the project is about 4 crore and it will take 2 years to complete the project”, Sandup added.
The bank presently has 30 branches and one extension counter in Solan district. In the current FY, bank will open three branches and four extension counters.
Readers would recall that last month the bank contributed Rs 11 lakh towards the Chief Minister Relief Fund in order to help the government fight against the second wave of Covid-19. The bank’s Chairman Yogesh Kumar has also personally contributed Rs 51k towards the CM relief fund.
