The leading bank of Maharashtra-Janata Sahakari Bank, Pune earned a net profit of Rs 8.13 crore in the 2022-23 FY, which is six times more in comparison to the previous financial year i.e. 2021-22.
Besides, the bank’s business crossed the business mix of more than Rs 14,000 crore as on 31st March 2023.
The deposits of the bank grew from Rs 8,989 crore to Rs 9,166 crore whereas advances increased from Rs 4,776 crore to Rs 5,120 crore as of 31st March 2023. The business mix stood at Rs 14,286 crore. The bank CEO Jagdish Kashyap shared the audited financial figures with the Indian Cooperative.
Talking to the Indian Cooperative, the bank CEO Kashyap said, “We have performed well on almost all the financial parameters and at the end of the current financial year we are focusing on achieving a business mix of more than Rs 15,000 crore and earning a profit of Rs 50 crore. We are sure we will achieve it”.
“Besides, our four branches, one in Gujarat and three in Maharashtra, have succeeded in achieving ‘Zero’ NPA in the 2022-23 FY. The bank is having a network of 71 branches across two states and focusing on strengthening the internal system”, he added.
The bank also did better in reducing the NPA level. The gross NPA of the bank reduced from 8.14 percent to 6.52 percent whereas the net NPA decreased from 4.60 percent to 2.80 percent in the 2021-22 FY.
The CRAR and net worth of the bank stood at 13.72 percent and Rs 460 crore respectively.
Kashyap further said, “We are also focusing on recovery and with the efforts and support of the Chairman and board of directors, we are achieving our goals. We have also upgraded our CBS and will focus more on updating technology”.
Janata Sahakari Bank Ltd., Pune was established on 18th October 1949 by people committed to social causes in Pune city.
The Bank has always kept the goal of helping the economically weaker sections of society and has carved a place for itself as a bank of masses and not only for classes.