TJSB Sahakari Bank posts Rs 155 cr profit for FY22, total business crosses Rs 20000 cr mark

Cooperative bank TJSB Sahakari Bank on Saturday said its net profit declined to Rs 155 crore in FY2022 from Rs 163 crore in the previous year.

The total business of the bank crossed the figure of Rs 20,000 crore, registering a growth of 13.46 per cent, TJSB Sahakari Bank Chairman Vivekanand Patki told reporters here.

See Zee Business Live TV Streaming Below:

The total advances grew by 19.39 per cent to Rs 6,723 crores in FY22 compared to Rs 5,631 crores in the previous year. Deposits grew by 10.69 per cent to Rs 13,336 crores in FY22 compared to Rs 12,049 crore in FY21.

Gross NPA declined to 3.93 per cent in the last fiscal from 4.23 per cent in FY2021.

Patki said that the cooperative lender could not open any new branch last year due to the restrictions imposed by the RBI. The bank has as many as 136 branches across five states.

He hoped that the RBI will lift its order on expansion of the bank branches.

Patki further said that to give better services to its customers the bank is switching over to the latest CBS which will be better than the outdated previous one. The switch over process will happen this year, he said.

The 50-year old bank wrapped up its golden jubilee celebrations by adding yet another feather to its cap and surpassed its business target of Rs 19,720 crores by achieving a business mix of Rs 20,059 crores as against Rs 17,680 crores of last year, Patki said.

Commenting on the results, the MD and CEO of the bank, Sunil Sathe, said, ?We are pleased to continue strong performance with improvement across all parameters.?

Credit quality has been maintained due to disciplined lending practices. The bank has shown that it is possible to deliver qualitative growth without compromising on long term profitability, continuing to focus on two key principles in its business- building a stable and low-cost liability base, and winning clients by offering unique solutions,? he said.

He further said that as per the directives of the RBI, a board of management has been formed by the bank.