Delhi based Janata Cooperative Bank has crossed a business mix of Rs 270 crore and earned a net profit of Rs 1.71 crore in 2019-20 financial year, informed P S Pathania, MD of the UCB.
“The business mix of the bank has increased from Rs 265.43 crore to Rs 272.4 crore in 2019-20 financial year. There is a slight decrease in deposits but the loans and advances substantially increased.
The deposits of the bank decreased from Rs 172.35 crore to Rs 171.70 crore whereas loans and advances grew from Rs 93.08 crore to Rs 100.70 crore in 2019-20 FY”, informed P S Pathania this correspondent on the phone.
Besides, the share capital of the bank rose from 4.80 crore to Rs 4.92 crore. The reserves increased from Rs 13.36 crore to Rs 14.62 crore as on 31st March 2020. In the Covid times, our bank has reduced the interest rates on all loans and also planning to make new plans to increase the business which is affected due to the coronavirus, he said.
Pathania further asserted that the UCB has a branch network of 5 along with one extension counter at Hazrat Nizamuddin (East), New Delhi. “We are also looking to open more branches to attract more and more customers in the coming days. We have applied for two branches and are awaiting approval from RBI”, added the MD of the bank.
More than 7000 shareholders are associated with the bank. In the last FY, the bank earned a net profit to the tune of Rs 1.71 crore. Earlier it was Rs 1.58 crore”, he noted.
Due to the fallout of the PMC bank scam, over Rs 15 crore was withdrawn by the depositors of our bank. The scam is making an adverse impact on our bank but we are trying to regain their faith”, Pathania asserted.
The bank is ahead in the field of technology and also focusing on building mobile apps to compete with other players in the market.
It bears recall that recently Janata Cooperative Bank bagged the Brahm Prakash Memorial Award 2019 in a function organized by Delhi State Cooperative Union.
The Janata Co-operative Bank Ltd. was established on 12th June, 1956.