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Thursday, February 29, 2024

Amidst dip in net profit, Tripura Gramin Bank witnesses growth in business by 7.04 %


BY TC News Desk

Agartala: May 25. Despite a dip in net profit, the Tripura Gramin Bank has witnessed significant growth in business by 7.04 percent in the year 2022-23 financial year.

Addressing a press conference this morning, chairman of the bank Satyendra Singh said that in comparison with March 22, Tripura Gramin Bank’s business has grown up by 7.04 percent as on March.

“In the financial year 2019-20 the business was Rs 9936.14 crore, in 2020-21 the amount was Rs 10273.71 crore, in the financial year 2021-22 the business amount was Rs 10530.79 crore and in 2022-23 financial year the amount is Rs 11271.92 crore which is around 7.04 percent increased”, he told reporters.

Even the Deposit increased by 3.94 % year on year basis which was Rs7718.34 crore as on March 31 of 2022 and is now Rs 8022.56 crore as on March 31 of 2023.

The Chairman has also informed that the CD ratio of the bank has increased from 36.44% to 44.50% as of 31st March of 2023.

“Our bank has earned substantial commission amounting Rs 4.72 crores through the selling of third party products,” said the chairman.

However, this year the bank has witnessed a dip in net profit which was Rs 200.03 crore in 2020-21 FY, Rs 143.14 crore in 2021-22 and in 2022-23  the net profit is Rs 3.62 crores.

“Due to market loss and for other provisions the we have witness dip in net profit”, he added.

Highlighting other key aspects, Singh said “MSME advances stood at Rs 879.54 crore; Agriculture advances stood at Rs 947.02 crore; Total Priority Sector advances as on March 31, 2023 stood at Rs 2666.04 crore; Education loan stands at Rs 18.11 crore; Advance for Women Entrepreneurs stands at Rs 796.07 crore; and Advance for Minority Community stands at Rs 212.112 crore.”

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