TJSB Sahakari Bank's FY24 net jumps 25 pc to Rs 216 crore

TJSB Sahakari Bank's FY24 net jumps 25 pc to Rs 216 crore

TJSB Sahakari Bank on Wednesday reported a 25.41 per cent jump in its net profit for fiscal year 2023-24 at Rs 216.36 crore.

The total business of the city-based urban cooperative bank increased 7.20 per cent to Rs 22,463 crore, which included a 9.19 per cent growth in advances to Rs 7,875 crore and 6.15 per cent increase in deposits to Rs 14,588 crore.

Its chairman Sharad Gangal said the bank is targeting to increase the overall business mix to Rs 25,000 crore in the next three-four years.

The bank, which currently operates 139 branches, is also aiming to increase this count to 150 by the end of FY25.

The new branches to be added in the current fiscal include Moshi, Baramati and Wagholi in Pune, and Anand Nagar in Thane city, he said.

The gross non-performing assets ratio showed an improvement in FY24, ending at 3.66 per cent as against 3.99 per cent in the year-ago period.