Jalore Nagarik Sahakari Bank Ltd., the largest bank in western Rajasthan operating under the Rajasthan Cooperative Society Act, has reported significant growth and expansion.
With 16 branches currently in operation, the Reserve Bank of India (RBI) has greenlit the establishment of four new branches, marking a pivotal moment in the bank’s expansion strategy.
The financial institution has recorded its highest-ever gross profit, amounting to 10.03 crore rupees, along with a net profit of 6.56 crore rupees. Total deposits surged to 374.55 crore rupees, showcasing a robust increase in customer trust and financial inflows.
The bank achieved a remarkable business turnover of 625 crore rupees, marking a substantial 20% increase compared to the previous year’s turnover.
Additionally, advances saw a notable surge, reaching 251.12 crore rupees, further solidifying the bank’s position in the market.
One of the key highlights of the bank’s performance is its commendable asset quality management. The gross non-performing assets (NPAs) stand at a mere 1.74%, with net NPAs at an impressive 0%, a testament to the bank’s prudent lending practices and risk management strategies.
Looking ahead, the bank has ambitious plans for expansion, with proposals to inaugurate branches in Badgaon, Jaswantpura, Sumerpur, and Balotra in the upcoming financial year.
Furthermore, the institution aims to adopt an aggressive stance on attracting deposits and facilitating advances, with a particular focus on acquiring new customers.
The stellar performance of Jalore Nagarik Sahakari Bank Ltd. has garnered praise and satisfaction from its shareholders and stakeholders.
Under the adept leadership of Chairman CA Mohan Parashar, the bank has demonstrated resilience, adaptability, and a steadfast commitment to delivering excellence in banking services to its customers.