Despite 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.

Addressing a press meet on Thursday at TGB’s headquarters in Agartala , the TGB Chairman, Satyendra Singh to highlight the financial disclosure of the bank said that as on March, 2023, the bank registered an operating profit of Rs 23.62 crore with a net profit of Rs 3.62 crore.

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," said Singh.

"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 percent and the advance increased by 15.54 per cent in the last financial year.

According to him, the TGB's Credit Deposit Ratio (CDR)  was increased from 36.44 per cent to 40.50 per cent in the 2022-23 FY.

The CD ratio of the nationalized 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 undertaken 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 capitalized among the 43 RRBs operating in the country.

The bank, which covers over 75 percent 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, said Singh and added that  too support self-employment and self-help groups, the bank provides advances in dairy, piggery, poultry, fishery and many other small trades and businesses.