Janata Bank achieves 95% deposit target

State-owned Janata Bank PLC has amassed deposits totalling Tk 109,810 crore by the end of December 2024, achieving 95.49 percent of its annual target despite a challenging economic environment.

The figure was revealed at the bank's 18th annual general meeting (AGM), held at its head office in the capital's Motijheel recently, according to a press release.

M Fazlur Rahman, chairman of the bank, attended the AGM as the chief guest. In his address, he highlighted the bank's strides in digital innovation, noting the launch of e-Janata, an app-based, modern banking service offering world-class features.

"With e-Janata, customers can withdraw cash from any branch by scanning a QR code on an Android device, eliminating the need for a chequebook," Rahman said.

"The app also allows users to transfer funds to any bank, pay DPS and loan instalments, and send money to mobile wallets such as bKash and Nagad."

As of the reporting period, Janata Bank's total assets stood at Tk 147,137 crore, marking a 6.08 percent year-on-year increase. The bank handled imports worth Tk 43,325 crore and exports worth Tk 8,155 crore.

It also led state-owned banks in foreign remittance inflows, recording Tk 20,289 crore.

The bank recovered Tk 303 crore in classified loans and Tk 66 crore in written-off loans in cash.

As a result of new product offerings with attractive returns and the implementation of special deposit mobilisation programmes, the number of account holders grew by 520,000, reaching approximately 9.8 million.

At the AGM, Md Mujibur Rahman, managing director, presented an overview of the bank's operational performance.

He reported that Janata Bank contributed Tk 1,560 crore in VAT and excise duties to the national exchequer in 2024 Tk 123 crore more than the previous year.

Additionally, Janata Capital and Investment Limited, a subsidiary of the bank, recorded an operating profit of Tk 17 crore.

Md Abdul Alim Khan, company secretary, moderated the meeting.

Md Azimuddin Biswas, additional secretary of the Financial Institutions Division; Badre Munir Ferdous, Md Abdus Sabur, Abdul Majid Sheikh, AKM Khabir Uddin Chowdhury, Abdul Awal Sarkar, Md Shahadat Hossain, Md Ahsan Kabir, Md Kausar Alam and Md Obaidul Haque, directors; alongside deputy managing directors and general managers of the bank, were also present.