TJSB Sahakari Bank FY23 net rises 11 pc to Rs 173 crore

Co-operative lender TJSB Sahakari Bank has reported an 11.61 per cent increase in its net profit at Rs 173 crore in the financial year 2022-23.

The city-headquartered multi-state scheduled bank had reported a net profit of Rs 155 crore in the previous fiscal year.

Its chairman Sharad Gangal told reporters on Sunday evening that advances have grown by over 7.25 per cent to Rs 7,211 crore as on March 31, 2023.

At a time when the entire banking system is grappling for deposits leading to what some bankers call as a 'war for deposits', the bank managed to post a 3.05 per cent growth in its base to Rs 13,743 crore.

From an asset quality perspective, it reported a marginal slide, with the gross non-performing assets ratio increasing to 3.99 per cent as against 3.93 per cent in the year-ago period.

The bank has 136 branches, of which 93 are in Maharashtra, while the rest are in neighbouring states of Goa, Gujarat, Karnataka and Madhya Pradesh. Gangal said the bank has requested the Reserve Bank of India to allow it to open 12 more branches.

The bank is revamping its core banking system, and the new system should be available for trial by July, Gangal said, adding that the new platform will be more user-friendly. The bank presently serves over 12 lakh customers.