Maharashtra based Jalgaon Peoples Cooperative Bank’s (Multi State Scheduled Bank) net profit dipped by Rs 4.53 crore in the 2023-24 FY. It came down from Rs 5.97 crore (2022-23) to Rs 1.44 crore as of 31st March 2024.
The bank registered a growth in its total business, as it crossed more than Rs 3000 crore. The business mix of the bank increased from Rs 2,836.41 crore (2022-23) to Rs 3140.65 crore as of 31st March 2024.
The Gross NPA of the bank is reduced to Rs 57.63 Crore (31/03/2023- Rs.79.81 crore). The Gross NPA stood at 4.76% & Net NPA stood at 3.68%.
Besides, the own funds of the bank have increased by Rs 31.65 crore and stood at Rs 260.69 crore. The rise is 13.82% compared to last year.
The Capital to Risk Weighted Assets Ratio (CRAR) has increased from 13.27% to 13.29%. The minimum ratio is 9% as required for CRAR by the Reserve Bank of India. The bank has a network of 42 branches out of which 18 branch premises are owned by the bank.
Meanwhile, our efforts to get the bank Chairman Aniket Patil commenting on the bank’s annual report have failed so far.
During the year, the bank implemented SD WAN solution to segregate CBS, ATMs and Internet network as well as the migration of amalgamated Akola Merchants Coop Bank’s Data to Finacle CBS is completed and the branches are live on Finacle CBS since 4th February 2024.
The SHG Department has opened 311 self-help groups in the financial year 2023-24 with a total of 2031 SHGs. There has been a 117% growth in SHG loan book from the level of Rs.2.34 Cr to 5.70 Cr.
Jalgaon Peoples Cooperative Bank is not able to announce the dividend for its shareholders again for the 2023-24 FY, as RBI restricted the bank for payment of dividend. Despite this, the number of shareholders has increased from Rs 24,916 in the 2022-23 FY to 32,759 in the 2023-24 FY.
It bears recalling that a merger proposal of Jalgaon Peoples Cooperative Bank for amalgamating Amravati based Anjangaon Surji Nagari Sahakari Bank is pending with the Reserve Bank of India.