TJSB Bank business mix crosses Rs 23K cr

TJSB Sahakari Bank has set a benchmark for the financial year 2024–2025, demonstrating a steadfast commitment to transparency and timely financial reporting, despite implementing the new ‘core banking system’ in the last quarter.

The bank’s business mix for the year stood higher at Rs 23,104.82 crore. Deposits stood at Rs 14,848.64 crore, total advances at Rs 8,256.18 crore, gross profit at Rs 252.07 crore and net profit at Rs 185.38 crore.  Gross non-performing assets works out at 3.59% and net non-performing assets at 0%.

During the year under review, the bank achieved several significant milestones, including the rollout of a state government resolution permitting TJSB Sahakari Bank to handle salary accounts, pension accounts, and deposit collections for Government employees and departments. The successful amalgamation of Citizen Cooperative Bank, Goa, added six more branches to TJSB Bank’s growing network, strengthening its reach and customer base. Additionally, the bank undertook a major digital transformation with an upgraded core banking system, ensuring faster, seamless, and more efficient banking services to enhance customer experience and operational efficiency.

“Our performance this year not only reaffirms TJSB Bank’s robust financial foundation but also sets a new benchmark in cooperative banking. The implementation of our new Core Banking System (CBS) marks a revolutionary change in how we serve our customers. At TJSB, our top priority is ensuring seamless and efficient banking experiences. The upgraded CBS will enhance transaction speed, security, and accessibility while setting the stage for future innovations. As we move forward, our commitment to technology-driven solutions and a customer-first approach will continue to define our pathway to growth,” Sharad Gangal, chairman of TJSB Bank, said.

Nikhil Arekar, MD & CEO of TJSB Bank, said: “The government GR approval and successful amalgamation are testaments to our relentless pursuit of excellence and innovation. This milestone will enable us to expand our reach, serve government employees, and offer seamless financial solutions. Additionally, the successful amalgamation of Citizen Cooperative Bank. strengthens our presence in the state of Goa and brings the overall network of branches to 149 across five states. These achievements mark a new phase of growth and stability for TJSB, and we look forward to leveraging these developments to enhance banking services for our valued customers. TJSB Bank is committed to expanding its branch network, enhancing digital banking solutions, and strengthening financial inclusion.’