Tripura Gramin Bank (TGB), one of India's leading banks among the 43 Regional Rural Banks (RRBs), has achieved a remarkable feat by registering a profit for the 12th consecutive year, despite the economic slowdown caused by the Covid-19 pandemic. The bank reported a net gain of Rs 3.62 crore in the last fiscal year (2022-23) with a total business of Rs 11,271.92 crore, according to TGB Chairman Satyendra Singh.
As of March 2023, Tripura Gramin Bank recorded an operating profit of Rs 23.62 crore and a net profit of Rs 3.62 crore. However, compared to the previous fiscal year (2021-22), the bank's net profit decreased from Rs 143.14 crore to Rs 3.62 crore, while the operating profit reduced from Rs 282.40 crore to Rs 23.62 crore. A senior bank official attributed this decline to the global economic recession and the absence of significant industrial and entrepreneurial projects in Tripura.
Despite the challenging circumstances, the total business of TGB witnessed a growth of 7.04 percent, reaching Rs 11,271.92 crore on March 31, 2023, compared to Rs 10,530.77 crore in the previous fiscal year. The bank, which operates through 148 branches and 15 Ultra Small Branches across Tripura, successfully eliminated its accumulated loss of Rs 139.40 crore during the financial year 2012-13 by consistently achieving net profits year-on-year.
The official further disclosed that TGB's deposits increased by 3.94 percent and advances increased by 15.54 percent in the last financial year. The Credit Deposit Ratio of the bank also improved from 36.44 percent to 40.50 percent in the 2022-23 fiscal year. In comparison, the nationalized banks in Tripura maintain a Credit Deposit Ratio of 55 percent.
During the 2022-23 financial year, Tripura Gramin Bank, under the Punjab National Bank (previously United Bank of India), disbursed a significant amount of Rs 1,235.57 crore through various lending schemes. The bank, with a 50 percent stake by the Government of India, 35 percent by PNB, and 15 percent by the Tripura government, managed to reduce its Non-Performing Assets (NPA) from Rs 190.62 crore in March 2022 to Rs 165.62 crore in March this year.
Chairman Satyendra Singh acknowledged that the bank could have achieved even higher profits and business growth if it hadn't been for the Covid-induced situation and the subsequent economic recession. Singh emphasized that Tripura Gramin Bank primarily operates in rural areas and with the absence of major industries in Tripura.
Singh proudly stated that as of March 31, 2023, the per-employee business of the bank stood at Rs 12.85 crore, surpassing that of Public Sector Banks. He also highlighted that Tripura Gramin Bank is well-capitalized among the 43 RRBs operating nationwide. With a coverage of over 75 percent of Tripura's population, mainly in rural and interior areas, the bank has 33 ATMs.