Maharashtra based Kallappanna Awade Ichalkaranji Janata Sahakari Bank organized its 62nd Annual General Meeting last week and the meeting was informed that the bank business crossed more than Rs 4200 crore and earned a net profit of Rs 14.16 crore in FY 2023-24.
During the year, the bank performed well on all the financial parameters. The bank announced the launch of ‘Swayamprakash Solar Scheme’ to encourage people to switch to non-conventional energy sources.
While addressing the AGM, the bank Chairman Swapnil Awade announced a 10 percent dividend for the shareholders connected with the bank and said ”we are making efforts to cross the business mix of more than Rs 5,000 crore at the end of current financial year”, he said.
The deposits of the bank increased from Rs 2402.40 crore in 2022-23 to Rs 2553.33 crore as on 31st March 2024. Whereas, the loans and advances have been increased by Rs 103.28 Crore compared to last year. During the last year, the total outstanding loan was Rs 1581.95 crores, which has increased to Rs 1685.23 crore.
Besides, as of 31st March 2024 the paid up share capital of the bank was Rs 70.84 Crore which increased by 5.15%. The reserve fund and other reserves stood at Rs 303.86 crore and the capital risk adequacy ratio (CRAR) of the bank, as on 31/03/2024 stands at 13.25%.
During the financial year, the bank has taken stringent action for recovery so as to reduce the NPA. The gross NPA stood at Rs 151.49 Crore as on 31.03.2023. Out of this NPA, the bank has recovered the amount of Rs 36.80 crores during March 2024.
The total NPA amount stood at Rs 137.66 crore. The percentage of Gross NPA and Net NPA stood at 8.17% and 2.02% respectively.
The bank has been in operation with 46 branches. Maharashtra State has 40 branches and Karnataka State has 6 branches.
The bank has submitted a merger proposal with Jawahar Sahakari Bank Ltd., Hupari with KAIJS Bank to the RBI. If the merger proposal is approved by the RBI, the bank will open its new branches.
On this occasion, MLA Prakash Awade, senior directors, CEO Sanjay Shirgave, shareholders and others were present.
The bank’s Vice-Chairman CA Sanjay Kumar Anigol proposed a vote of thanks.
