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Despite economic slowdown, Tripura Gramin Bank posts profit for 12th straight year
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IANS | 25 May, 2023
In spite of the Covid-induced economic slowdown, the Tripura Gramin Bank
(TGB), one of the leading banks among the 43 Regional Rural Banks
(RRBs) in India, registered a profit for the 12th straight year with a
net gain of Rs 3.62 crore in the last fiscal (2022-23) and doing over Rs
11,271.92 crore business, a top bank official said here on Thursday.
The TGB Chairman, Satyendra Singh said that as on March,
2023, his bank registered an operating profit of Rs 23.62 crore with a
net profit of Rs 3.62 crore.
A senior bank official told IANS
that the TGB's net profit was Rs 143.14 crore and operating profit was
Rs 282.40 crore in 2021-22 fiscal. "Economic recession across the world
and absence of major and medium industrial and entrepreneurial projects
in Tripura, the bank's profit reduced in the last financial year," the
official said.
"Total business of the TGB grew by 7.04 per cent,
which is Rs 11,271.92 crore on March 31 (2023) against Rs 10,530.77
crore in 2021-22 fiscal," he told the media.
The TGB, which has
148 branches and 15 Ultra Small Branches across Tripura, had wiped out
the entire accumulated loss of Rs 139.40 crore in the financial year
2012-13 by registering net profit year-on-year basis. Singh said that
compared to 2021-22 fiscal, the bank's deposit was increased by 3.94 per
cent and the advance increased by 15.54 per cent in the last financial
year.
According to the official, the TGB's Credit Deposit Ratio was increased from 36.44 per cent to 40.50 per cent in the 2022-23 FY.
The
CD ratio of the nationalised banks in Tripura is 55 per cent. The TGB
under the Punjab National Bank (earlier United Bank of India) disbursed a
substantial amount of Rs 1,235.57 crore under different lending schemes
during the 2022-23 financial year. With 50 per cent undertaking by the
Government of India, 35 per cent by PNB and 15 per cent by the Tripura
government, the bank also reduced its Non-Performing Asset (NPA) from
190.62 crore crore as on March 2022 to Rs 165.62 crore as on March this
year.
The TGB Chairman said that the bank would have made more
profit and business had there been no Covid-induced situation and
related economic recession.
He said that the bank started its
journey 47 years ago with a total deposit of Rs 2.82 lakh only and
advance was Rs 1.70 lakh with the total business of Rs 4.52 lakh. He
said that as the TGB has been operating mostly in the rural areas and
there is no big industry in Tripura.
Singh said that till March
31 (2023), the per employee business stood at Rs 12.85 crore, which is
much higher than the PSU banks, adding that his bank is now well
capitalised among the 43 RRBs operating in the country.
The bank, which covers over 75 per cent of Tripura's population, mostly in the rural and interior areas, has 33 ATMs.
The
TGB has been implementing all flagship programmes of the Central
government, including the PM Suraksha Bima Yojana, PM Jeevan Jyoti Bima
Yojana, Atal Pension Yojana, Kisan Credit Card, Mudra Loan, etc.
To
support self-employment and self-help groups, the bank provides
advances in dairy, piggery, poultry, fishery and many other small trades
and businesses.
The 43 RRBs are operating with a network of around 21,800 branches covering 685 districts in 26 states.
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Customs Exchange Rates |
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87.50
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56.85 |
As on 13 Aug, 2022 |
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