TJSB Bank Strides Ahead to Achieve a Business Mix of Rs.17000 Crores

THANE, India, Aug. 18, 2020 /PRNewswire/ -- TJSB Bank Ltd. has been announcing its annual audited financial results on 10^th 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 closure of the accounting year. However, due to the COVID-19 pandemic, varying degrees of lock downs 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 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 F.Y. 2019-20. During the year, the business-mix of the Bank registered a growth of 4% and stood at Rs. 17016 Crs, comprising of deposits of Rs. 11374 Crs. and advances of Rs. 5642 Crs.  Bank's Net Profit is at Rs. 120 Crs. (previous Year Rs.141 Crs.). Given the stress in the economy, there is a marginal growth in the Gross NPAs of the Bank from 4.64% in the previous year to 5.86% in FY 20. Bank's Net NPA too have moved up marginally from 0.19% to 0.45%. Bank's capital position continues to be very strong. Bank's own funds are at Rs. 1191 Crs. (Previous Year Rs. 1108 Crs.).  Bank's CRAR at 15.38% (previous year 15.23%) reflects the financial strength and the stability of the Bank.

Chairman's Statement:

Shri Vivekanand Patki informed that, "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 capitalised 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."

MD & CEO Statement:

Shri Sunil Sathe elaborated that, "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."

Sunil Sathe
MD & CEO
TJSB Sahakari Bank Ltd.

About TJSB Sahakari Bank Ltd

The year 1972 marked the beginning of a visionary journey with the opening of 'Thane Janata Sahakari Bank's' first Bank Branch in the city of Thane. With this modest beginning in 1972 in the co-operative field, the dynamism infused by the Board of Directors, unflinching loyalties of the clientele and devotion of the staff have propelled the sound foundation of TJSB Sahakari Bank Ltd (TJSB) and has emerged as one of the leading multi-state scheduled co-operative Banks in the country. TJSB Bank presently caters to the needs of society through a close network of 136 Branches spread all over the states of Maharashtra, Goa, Karnataka, Gujarat, and Madhya Pradesh.

Armed with an illustrious past, a glorious present and a promising future, TJSB is fast marching towards being the financial destination that provides trusted and quality solutions to all Individuals, Business Class and Corporate sector needs.

The bank is guided on its path of success by a very highly educated Board of Directors headed by the Chairman Mr.Vivek Patki with Mr. Sunil Sathe, the MD & CEO of the bank at the helm of the Operations.

For more information visit http://www.tjsbbank.co.in

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