Thane, Apr 11: Thane Janata Sahakari Bank, has registered a phenomenal growth of 48 per cent during last year and is looking forward to achieve a target of Rs 10,000 crore by 2011, Bank Chairman Vidhyadhar Vaishampayan said.
While reviewing the performance of the Bank yesterday for the period between April 2007 and March 2008, he also said that the Bank would soon be extending its operations and become a multi-state co-operative bank as it has already fulfilled the norms set by the RBI for becoming a multi-state bank and also received permission for the same.
He said, the Bank would enter Karnataka soon after the bank general body meeting takes place and the by-laws are modified.
The Bank registered a quantum jump of Rs 1087 crore during 2007-08, and reached Rs 3318 crore as in March 2008 as against Rs 2231 crore till March 2007 thereby registering a growth of 48 per cent.
During the year 2007-08, deposits had grown by 53 per cent (from Rs 1382 crore as in March 2007 to Rs 2039 crore in March 2008) and advances by 42 per cent (from Rs 903 crore as in end March 2007 to Rs 1285 crore as in March 2008), Mr Vidhyadhar informed.
Gross profit of the bank has sharply increased by 20.71 per cent from Rs 41.96 crore as in March 2007 to Rs 51.10 crore as in 2008.
The bank's capital funds have also registered a growth of 31 per cent from Rs 198 crore as in March 2007 to Rs 261 crore as in March 2008, he said.
The bank has received permission to open four new branches that are slated in next few months taking the total branches of the bank to 44 and two extension counters, he said.
The bank today has around 7,00,000 customers and the bank recently received the IBA's outstanding achievement in Business and Technology Special Jury award for its constant innovations, he added.