Jammu Central Cooperative Bank (JCCB) turned profitable after a gap of three decades, registering a profit of Rs 0.28 crore in the financial year 2022-23, and reduced its bad loan to Rs 72 crore in 2023 from Rs 110 crore in 2021.
"The bank's net profit has also shown upward trends as it was making a loss of Rs 12.40 crore till March 2021. However, at the end of financial year 2022-23, the bank registered a profit of Rs 0.28 crore after a gap of three decades," Reetu Sharma, a senior official of JCCB, said.
She said that in the last two years, the investment figures have also increased from Rs 856.20 crore in March 2021 to Rs 1,015.61 crore in September 2023.
According to officials, the recovery of Non-Performing Assets (NPAs) has been exceptional, which helped in reducing the bad loans from Rs 110 crore (37 per cent of total advances) in March 2021 to Rs 81.00 crore (29 per cent) in March 2023 and to Rs 72.00 crore in September 2023.
The bank has recovered Rs 3 crore from primary agriculture societies with the help of cooperative department officials under the guidance of commissioner, they said.
The management said that there is a plan to revamp the financial health of all the district central cooperative banks of the Union Territory.
Officials also informed that the Jammu and Kashmir government released Rs 366.00 crore in 2022 as part of the re-capitalization package, which had been pending since 2014.