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| J&K Bank presents highest ever dividend cheques to Governor | | | Early Times Reporter
Srinagar | Sep 5
The Jammu and Kashmir Bank Chairman, Dr. Haseeb A Drabu, today presented dividend cheques for the financial year 2007-08 amounting to Rs.39.95 crore to the Governor, N. N. Vohra. This is the highest ever dividend paid to the State government by the bank so far.
With a consistent track record of dividend payment for more than four decades, the J&K Bank, since its inception, has paid an aggregate dividend of Rs.372.72 crore, out of which an amount of Rs.201.93 crore has been paid to State Government and the balance amount of Rs.170.79 crore to the other shareholders. The State Government is holding more than 53% shares of the Bank. As on September 04, 2008, there had been capital appreciation of 2466% to the Government against their initial investment in the Bank.
Notably, the Bank has improved its DPS ratio after floating its maiden public issue in May 1998. While the Bank paid Rs.12.82 crores as dividend up to the financial year 1998. Subsequent to the public issue, an amount of Rs.359.90 crores has been paid up to March 2008.
The Governor lauded the strides made by the Bank in the banking sector and hoped that it will contribute in a big way in socio-economic development of the State.
The Chief Secretary, S S Kapur, Principal Secretary to Governor, B B Vyas, J&K Bank President/ Company Secretary, Parvaiz Ahmad and J&K Bank Vice President, Khursheed A. Pandit was also present on the occasion. |
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