Jogindra Central Cooperative Bank’s gross NPA has come down to an all-time low of 3.38%
Jogindra Central Cooperative Bank Limited Solan’s financial position for the financial year 2023-24 has been very satisfactory. The bank has the distinction of being one of the oldest and leading cooperative banks in Himachal Pradesh. The bank’s journey started in Nalagarh in 1924, during which its first branch was established in Nalagarh, now it has entered its 100th year. The journey that started with one branch in Nalagarh has now reached a wide network of 33 branches and 8 ATMs, more branches of the bank will be opened in this new financial year. The bank is moving on the path of progress and prosperity.
The financial result for the financial year 2023-24 was very satisfactory. As of 31st March 2024, the total business of the bank crossed Rs. 2000 crores, registering a growth of 159 crores at the rate of 8.56%. The total deposits of the bank have increased from 100 crores to 1392 crores at the rate of 7.78% during 2023-24. The bank disbursed a total loan of 628 crores in this financial year, which is 60 crores more than last year, with a growth of 10.56%. The gross NPA of the bank has come down to a record level this year, and the gross NPA of the bank has come down to an all-time low of 3.38% on 31-03-2024. The GNPA of the bank has been reduced by 4.58%. During 2022-23, the NPA of the bank was 7.96%. Which is now 3. 38%. The gross NPA of the bank was Rs. 45.26 crores last year which has come down to Rs. 20.65 crores in the year. The net worth of the bank has increased by 15.65% to more than Rs. 120 crores during 23-24. Gross profit of the bank has increased to Rs. 34.00 crores during 2023-24. The net profit of the bank is Rs. 19.58 crores this year as compared to Rs. 18.04 crores last year. The gross NPA of the bank has come down to an all-time low of 3.38% as of 31-03-2024 and the Net NPA of the bank is 0%. The gross NPA of the bank has been reduced by 4.58%. NPA of the bank was 7.96% during 2022-23. The CRAR of the bank has improved to 15.57% from 14.98% as of 31-03-2023. The CD ratio of the bank has increased from 44.05% as of 31-03-2023 to 45.10% as of 31-03-2024. The total income of the bank during the financial year 2023-24 has increased by 23.05% as compared to the previous year.
Under its branch network expansion programme, the Bank has received a license from RBI to open 6 outlets in the district which will be opened this year. To promote a professional image and create a productive atmosphere, it has become the first cooperative bank in the state to introduce its dress code. The Bank has succeeded in obtaining a Corporate Agency License from IRDA to provide insurance products to its customers at all the branches of the Bank. The Bank’s own premises at Chambghat is almost ready and is likely to shift to it shortly. The Bank has been awarded for its excellent work in providing SHG loans. It is a matter of great joy for the Bank that this year the Bank has been given B Plus ranking by NABARD.
Bank’s Managing Director Pankaj Sood has thanked the state government, RBI, NABARD, and RCS for their support and guidance from time to time. I also thank all the respected members of the board for their valuable suggestions and professional decisions for improving the functioning of the bank and also thanked the respected customers. We assure our customers that this journey of progress will continue and we will endeavor to provide best-in-class services to our valuable customers. I would like to express my gratitude to the shareholders of the bank for their continued support and patronage. I also gladly acknowledge and heartily appreciate the dedicated services provided by the employees at all levels of the bank, who have worked tirelessly for the strong base and bright future of the bank and have given their enthusiastic support wholeheartedly.
