Mumbai’s Kalyan Janata Sahakari Bank achieved a business mix of Rs 5,428 Crore during the Financial Year 2023-24. The bank booked a net profit of Rs 15.98 Crore, a remarkable turnaround from the previous year’s loss of Rs 20.83 Crore, representing an actual increase in profit of Rs 36.81 Crore.
It was announced by Kalyan Janata Sahakari Bank Chairman CA Sachin Ambekar during the 51st Annual General Meeting held last week. The bank operates 43 branches across Maharashtra and Gujarat.
The Bank’s Chairman welcomed members and provided an update on the bank’s progress as of March 31, 2024.
The bank’s financial health is satisfactory, with reserves and other funds totaling Rs 278.48 Crore and a Capital to Risk Weighted Assets Ratio (CRAR) of 11.56%. The bank’s share capital now stands at Rs 115.79 Crore.
The total deposits increased by Rs 40 Crore to Rs 3,355 Crore, while advances stood at Rs 2,073 Crore.
The Chairman highlighted that as of March 2024, the Kalyan Janata Sahakari Bank’s Net Interest Margin (NIM) had significantly increased to 3.18% and the bank had maintained Non-Performing Assets (NPA) within the limits prescribed by the RBI.
The bank has achieved a recovery of Rs 5.54 crore in the financial year 2023-24 in written off loan accounts.
The Board of Directors has estimated the business plan for March 2025. Accordingly, deposits are estimated to go up to 3,450 crore and loans up to 2,200 crore.
During the reporting year, the bank has collected insurance premiums amounting to Rs 529.86 lakh from 796 insurance policies under life insurance segment and insurance premium amounting to Rs 70.54 lakh from 2,131 policies under non-life insurance segment.
From both these types of insurance businesses, the bank has earned an amount of Rs 98.58 lakh as commission.
Every year, the bank pays an insurance premium to the Deposit Insurance and Credit Guarantee Corporation of India (DICGC) for the safety and security of customer’s deposits.
This year for the period 1 October 2023 to March 2024 (on deposits of Rs 3,354.40 crore) and for the period 1 April 2024 to 30 September 2024 (on deposits of Rs 3,365.56 crore) Bank has paid an amount of premium of Rs 2.37 Crore and Rs 2.38 Crore respectively to DICGC.
