Thane (Maharashtra) [India] Aug 18 (ANI/PRNewswire): TJSB Bank Ltd has been announcing its annual audited financial results on the tenth of April every year. TJSB always enjoyed the distinction of being one of the very few banks to declare the audited results in such a short span after the closure of the accounting year.
However, due to the COVID-19 pandemic, varying degrees of lockdowns announced from time to time, travel restrictions, social distancing norms, etc., the timing was thrown out of gear in the current year.
Still, because of the untiring efforts of the team and also the teams of auditors, the bank has completed the task successfully even while the unlock process is not completed yet.
The board is happy to announce the audited financial results for the year FY 2019-20. During the year, the business-mix of the bank registered a growth of 4 per cent and stood at Rs 17016 crores, comprising of deposits of Rs 11374 crores and advances of Rs 5642 crores.
Bank's Net Profit is at Rs 120 crores (previous Year Rs 141 crores). Given the stress in the economy, there is a marginal growth in the Gross NPAs of the bank from 4.64 per cent in the previous year to 5.86 per cent in FY 20.
Bank's Net NPA too, has moved up marginally from 0.19 per cent to 0.45 per cent. Bank's capital position continues to be very strong. Bank's own funds are at Rs 1191 crores (Previous Year Rs 1108 crores). Bank's CRAR at 15.38 per cent (previous year 15.23 per cent) reflects the financial strength and the stability of the bank.
"COVID-19 has thrown up multiple challenges before the banking system. To counter them, TJSB will continue to tighten the risk filters to manage and preserve the credit quality, maintain good liquidity and remain well-capitalized even as we cautiously look for opportunities for growth in certain select areas. During the challenging periods of lockdowns, all branches and ATMs of the bank remained operational and open to serve our customers, except on a few occasions when curfew or restrictions were imposed by the local authorities. Our strength is reflected in our strong CRAR and sound liquidity position, for which, we are thankful to the unstinting support and the confidence posed by our customers, shareholders, and well-wishers; and the untiring efforts of our own TJSB team. We are confident of overcoming the adversities and uncertainties caused by COVID-19 and performing well in the current financial year i.e. 2020-21," informed Vivekanand Patki, Chairman, TJSB Sahakari Bank Ltd.
"The overall growth prospects are uncertain in the present pandemic situation due to lack of demand in the economy. Therefore, the bank would be focusing more on maintaining the asset quality and thus improving the bottom line. Various cost-saving measures too have been introduced. We acknowledge the support and cooperation extended by our customers during the lockdown period and the contribution of our motivated and dedicated workforce," elaborated Sunil Sathe, MD & CEO, TJSB Sahakari Bank Ltd.
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