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| J&K Bank a stronger bank with sound fundamentals: Mushtaq | | |
EARLY TIMES REPORT
Srinagar, July 9: J&K Bank held Annual General Meeting (AGM), 73rd in series, of its shareholders here today in which among other things, the shareholders of the bank approved payment of an all time high dividend of 260% (Rs. 26/- per share) to shareholders.
While addressing the shareholders of the bank, the chairman and CEO of the bank, Mushtaq Ahmad, said, “J&K Bank is emerging as a stronger Bank with sound fundamentals. The Bank has set an ambitious target for garnering a business of Rs.100,000 Crores with a Net Profit of Rs.1,000 Crores by March 2013. Achievement of this important milestone is planned to coincide with the Platinum Jubilee celebrations of the Bank in 2013. He stated that the prime objective of the bank is to bring about transformation in the society driven by social and economic development with J&K at the centre stage. “With efficient products and services, we have set new standards in customer service and convenience,” he said.
Gearing up for the next phase of growth through various initiatives, the Chairman said, that Plans for large scale increase in branch network, especially in unbanked and under-banked areas in J&K State and at all important commercial centers of the country had already been drawn.
Stressing upon the transformative effects of technology on services he said, “The proliferation of technology has revolutionized every sector including banking. It shall be our endeavor to intensify our efforts aimed at providing the best quality services to our customers through optimum and appropriate use of technology.”
The chairman appreciating the contributions made by the employees in taking the Bank to heights, said, “The dedication and commitment of the employees has made it possible to effectively encounter the challenges faced by the Bank from time to time.”
Remarkably, J&K Bank posted record net profit of Rs 615.20 crores for the financial year 2010-11 against net profit of Rs. 512.38 Crores for the previous year thereby recording growth of 20%. During this period, operating profit of the Bank increased from Rs. 958.20 crores to Rs. 1149.49 crores.
The bank maintained its reputation of being remarkably responsible premier institution by implementing a well conceived Corporate Social Responsibility (CSR) policy. The chairman & CEO expressed his gratitude to the state government, RBI, NABARD, the customers and all stake holders of the Bank for their support and patronage.
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