THANE, India, April 12, 2017 /PRNewswire/ --
TJSB Sahakari Bank announced its audited financial results for the year 2016-2017 today.
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In the financial year 2016-17, TJSB Bank earned a net profit of Rs. 102 crores. Deposits have gone up from Rs. 8122 crores to Rs. 9351 crores with a growth of 15.13%. In the same time period, disbursed loan amount has gone up from Rs. 4757 crores to Rs. 5000 crores with a 5.10% increase as compared to last year.
Business mix of TJSB has witnessed 11.42% growth in FY 2016-2017, despite economic conditions, demonetization and global events having an adverse effect on loans and advances.
The Capital Adequacy Ratio increased from 13.34% to 13.82% for the FY 2016-2017. The Gross Non Performing Assets (NPA) stood at 4.69% while the Net NPA remains at 0.20%.
The professional and visionary Board of Directors of TJSB Sahakari Bank have sensed and understood that the future of banking is digital banking and ensured that the Bank has adopted state-of-the-art digital technology in banking across functions. This resulted in the launch of 'TranZapp', a NPCI approved Unified Payment Interface (UPI) based application at the beginning of the financial year to take care of digital transactions.
"With a firm focus on cost rationalization, substantial improvement in operational efficiency, stress on our core competency, generation of new and stable revenue streams, and efficient capital deployment, the Bank was successful in achieving the milestone of Rs. 100 crores net profit for the third consecutive year," said Mr. C. Nandagopal Menon, Chairman of TJSB Sahakari Bank Ltd. at the press conference held in Thane for declaring the Audited Financial Results for the year 2016-2017.
He thanked all the customers and the well-wishers of the Bank for supporting and standing by the Bank during demonetization. He also congratulated the employees for playing an active role in achieving the net profit figures of Rs. 100 crores, further declaring the opening of 11 new branches in the financial year 2017-2018.
Along with Mr. Menon, the press conference was also attended by the Vice Chairman, Mr. Pradip Thakur, The Board of Directors and the MD & CEO of the Bank, Mr. Sunil Sathe.
Mr. Sathe mentioned that along with Unified Payment Interface (UPI), TJSB has also acquired the status of Bharat Bill Payment Operation Unit (BBPOU), thus empowering its customers with these most modern banking technologies.
Journey 2016-2017: At A Glance
- Opening of 12 new branches across 4 states.
- Successfully managed the sale of houses in Navi Mumbai, developed by the Government organization CIDCO.
- Inked in tie-ups with LIC, ICICI Lombard, New India Assurance, Religare for providing bancassurance services.
- Implemented the Centralised KYC (CKYC-R) system for our customers.
- ASBA facility initiated for customers ensured that they could invest in IPO of companies without losing interest on their money.
- Enabling pan India electronic payment facility with the help of Corporate Salary and Pension Credit facility and NACH.
About TJSB Sahakari Bank Ltd.
Based on trust and quality services, TJSB Bank, established in the year 1972 has been gaining solid ground over the past 46 years. From its humble beginnings in Thane, we are now a leading multi-state bank with a network of 127 branches spread across the states of Maharashtra, Karnataka, Goa and Gujarat; powered by our customer-centric approach, strong moral values and desire for quality. Always committed to providing our customers with the ultimate wealth of services, we've ventured beyond banking into FOREX, Life Insurance, Mutual Funds and Depositories.
The bank has been guided on its path of success by a very highly educated Board of Directors headed by the Chairman Mr. C. Nandagopal Menon with Mr. Sunil Sathe the MD & CEO of the bank at the helm of the Operations.
For more information please visit http://www.tjsb.co.in
Media Contact:
Kishor Juvekar
[email protected]
+91-22-25838500
Rekha Arya
[email protected]
+91-22-25838500
TJSB Sahakari Bank Ltd.
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