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Jharkhand Rajya Gramin Bank’s Remarkable FY24 Success with Significant NPA Reduction and Profit Growth
The FY 2023-24 data show that JRGB has excelled across key metrics, including net profit, operating profit, advances, deposits, and Non-Performing Assets (NPAs).
Author: Saurav Kumar
Published: May 30, 2024
Jharkhand Rajya Gramin Bank (JRGB) has delivered outstanding results for the fiscal year 2023-24. The bank’s audited financial data indicates significant growth, reflecting a remarkable performance. Despite challenges such as inadequate infrastructure, the bank has continued its upward trajectory, showcasing resilience and a strong commitment to serving its customers while maintaining robust growth.
The FY 2023-24 data show that JRGB has excelled across key metrics, including net profit, operating profit, advances, deposits, and Non-Performing Assets (NPAs).
Double Digit Growth in Advances and Net Profit
JRGB achieved impressive results in its March audit, posting a net profit of Rs. 116 crore, marking a substantial increase of 22.91%. The bank's operating profit also rose to Rs. 389 crore, an increase of Rs. 32.15 crore or 9.01%.
In terms of deposits, the bank experienced a growth of 9.88%, reaching Rs. 10,479 crore. Advances saw a significant spike of 20%, rising from Rs. 4,898 crore in FY23 to Rs. 5,878 crore in FY24. These achievements underscore JRGB’s strong financial health and its ability to overcome challenges while continuing to grow and serve its customer base effectively.
Drastic Net NPA Reduction
JRGB has excelled in reducing its NPAs, showcasing its robust risk management capabilities. The bank’s net NPA has dropped significantly to a mere 0.90%, while the gross NPA stands at 3.69%, reflecting a substantial improvement.
An official from the bank told Kanal, “For the third consecutive year, Jharkhand Rajya Gramin Bank has successfully managed its NPAs. Our low net NPA percentage demonstrates our effective handling of provisions, which significantly covers problematic loans.”
The bank's total business also experienced a rise of 13.31%, increasing from Rs. 14,436 crore in FY23 to Rs. 16,357 crore in FY24.
Jharkhand Rajya Gramin Bank (JRGB) was established on April 1, 2019, through the amalgamation of Vananchal Gramin Bank and Jharkhand Gramin Bank. Sponsored by the State Bank of India, JRGB operates with a workforce of approximately 1,600 employees across 446 branches in 24 districts of the state.
Overall, JRGB has displayed robust financial health in FY24, underscoring its ability to overcome challenges and maintain strong growth.