Jharkhand State Cooperative Bank crossed the business mix of more than Rs 2800 crore in the 2022-23 FY and the accumulated loss has come down from Rs 119 crore (2021-22) to Rs 89 crore as on 31st March 2023.
The newly elected Chairman and the board have pledged to wipe out all the losses in the span of two financial years.
Dwelling on the challenges facing the bank in the days ahead MD Manoj Kumar said “We are working hard to come out of the red and start taking action against the defaulters of the bank. We have set a target to reduce the accumulated loss to over Rs 50 crore at the end of current financial year”, said the MD.
He further added, “We are looking forward to expanding our network in all the districts of Jharkhand especially Latehar, Garhwa, Dhanbad and Palamu, where we are yet to register our presence. Our branches are there in 20 districts of Jharkhand. Besides, our plan is to apply for opening a Regional Office at Ranchi”, the bank MD informed.
“We are also looking forward to starting the mobile and internet banking facility for our customers. Our target is to cross the business mix of more than Rs 5000 crore at the end of current financial year”, he underlined.
In 2022-23, the bank’s Gross NPA reduced from 18.54 percent to 11.78 percent whereas Net NPA decreased from 8.29 percent to 2.93 percent. During the year, the bank earned an operating profit of Rs 39 crore.
Besides, as of 31st March 2023, the Net Worth and CRAR of the bank stood at Rs 121 crore and 15 percent respectively. The reserves stood at Rs 60.86 crore, read the unaudited figures.
The newly elected office bearers also planned to affiliate all the LAMPS and PACS with the bank. At present there are more than 4k LAMPS/PACS in the state but around 1500 are affiliated with the bank.
Readers would recall that in a recently held election of the bank, Ms Vibha Singh was declared elected as the Chairperson of Jharkhand State Cooperative Bank.