Jogindra Central Cooperative Bank Limited Solan Reports Financial Success for Fiscal Year 2023-24
2 min read
Solan, April 6 : The financial outlook for Jogindra Central Cooperative Bank Limited Solan for the fiscal year 2023-24 has been exceptionally positive, marking a significant milestone for one of Himachal Pradesh’s oldest and prominent cooperative banks. Founded in 1924 with its first branch in Nalagarh, the bank has now entered its centenary year with pride. What began as a single branch in Nalagarh has now expanded to a network of 33 branches and 8 ATMs, showcasing remarkable growth and reach.
In the new fiscal year, the bank plans to further expand its branch network, demonstrating its commitment to progress and prosperity. The fiscal results for 2023-24 have been particularly encouraging, with the bank’s total business crossing Rs. 2000 crore by March 31, 2024, recording a growth rate of 8.56%. The total deposit amount has increased from Rs. 100 crore to Rs. 1392 crore, representing a growth rate of 7.78%.
Moreover, the bank distributed loans totaling Rs. 628 crore during the fiscal year, indicating a substantial growth of 10.56% compared to the previous year. However, despite these achievements, the bank witnessed a decrease in its Gross NPA and Net NPA, which stood at 3.38% and 0% respectively by March 31, 2024.
In recognition of its outstanding performance, the bank was awarded the ‘B Plus’ ranking by NABARD this year. Mr. Pankaj Sood, the Managing Director of the bank, expressed his gratitude to the state government, RBI, NABARD, and RCS for their continuous support and guidance. He also thanked the board members for their valuable suggestions and professional decisions, as well as the esteemed customers for their unwavering support.
The bank looks forward to maintaining its trajectory of progress and aims to provide its shareholders with the best-in-class services. Mr. Sood extended his heartfelt appreciation to all the employees for their dedicated service, which has contributed to the bank’s strong foundation and bright future.
– Jogindra Central Cooperative Bank records a decline in Gross NPA, reaching a record low of 3.38% by March 31, 2024.
– The bank receives a ‘B Plus’ ranking from NABARD for its performance in the fiscal year.
– Financial results for the bank remain robust, with a significant increase in total business and deposits during 2023-24.
