Tripura Gramin Bank’s net profit goes down but businesses grow , impact of COVID felt

By Our Correspondent

Agartala, June 25, 2022

The two yearlong Covid pandemic has impacted life, professional activities and businesses in almost all sectors worldwide. Neither India nor the state of Tripura has escaped this adverse impact . Nothing illustrates the point better than the dip in the annual net profit of Tripura Gramin Bank . In an interactive session with media the TGB’s outgoing chairman Mahendra Mohan Goswami said that in the 2021-2022 financial year Tripura Gramin Bank’s net profit and come down to Rs143.14 crores from the much higher profit of Rs 200.12 crores in the 2020-2021 financial year.

In the interactive session in which Goswami was accompanied by the TGB’s newly arrived chairman Satyendra Singh, he gave details of the TGB’s business turnover for the 2021-2022 financial year.

Attributing the Bank’s reduced profit to overall impact of the Covid pandemic Goswami said that in the 2021-2022 financial the TGB’s business turnover was higher at Rs 10,530.78 crores as against the business turnover of Rs 10,273.71 crores in 2020-2021 financial year. He asserted that despite the reduction in net profit the TBB had achieved a higher credit deposit (CD) ratio in the 2021-2022 financial year. “In the year 2020-2021 we had a CD ratio of 35.72% but in the last financial year we had raised our CD ratio to 36.44% which is remarkable” said Mahendra Mohan Goswami.

He said that in the last financial year the TGB had advanced loans for implementation of various government schemes. “During the period under coverage we had given loans of Rs 136.46 crores for Kisan Credit Card (KCC) scheme , Rs 193.75 crores on ‘Mudra’ loans without guarantee and Rs 149.78 crores to self-help groups ; in addition we have given loans to entrepreneurs in the primary sector of the economy under government schemes” said Goswami. He said that with its 148 branches and 14 ultra-small satellite branches the Tripura Gramin Bank (TGB) has got the largest banking network in the state where currently 33 ATM service centres are functioning. Goswami said that TGB is now merged with the Punjab National Bank (PNB) along with the UBI and for this there were initial problems which now stand solved.