JK Bank approves 260% dividend
73rd Annual General Meeting
GK NEWS NETWORK
Srinagar, July 9: At the 73rd Annual General Meeting (AGM) of its shareholders, the J&K Bank today approved all time high 260 per cent dividend— Rs 26 per share.
Addressing the meeting, Bank’s Chairman/CEO, Mushtaq Ahmad said: “J&K Bank is emerging as a stronger Bank with sound fundamentals. The Bank has set an ambitious Rs 100,000 cr business target with net profit of Rs 1,000 cr by March 2013 which shall coincide with the Platinum Jubilee celebrations of the Bank.”
“The increased business volume is targeted for achievement with customer satisfaction, and in consistency with regulatory prescriptions with focused attention on bridging the gap between credit demand and supply in J&K,” he added.
He said the prime objective of the bank was 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 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 cr for the financial year 2010-11 against net profit of Rs. 512.38 cr for the previous year thereby recording growth of 20%. During this period, operating profit of the Bank increased from Rs. 958.20 cr to Rs. 1149.49 cr. The Business of the Bank recorded increase of Rs. 10000 cr during the year and the total business reached Rs. 70870 cr, recording a growth of 18%. Deposits increased by 20% to Rs. 44675 cr against Rs. 37237 cr for the previous financial year. The Loans and Advances at Rs 26194 cr recorded growth of 14% in comparison to Rs. 23057 cr as at the end of March/2010.
In his brief remarks on the functioning of the Bank, the chairman said that in spite of the challenges faced during the last financial year the new business strategy has enabled the Bank to convert the challenges into opportunities.
As a result of these measure net NPA ratio declined to 0.20% against 0.28% for the previous year. Against the regulatory norm of 70%, the provision coverage ratio of the Bank is at 92.71% as on 31/03/2011. All significant ratios have registered satisfactory improvement during the year. Net worth at Rs. 3478.68 cr (up by 15.55%), Earnings per share at Rs. 126.90 (up by 20%), Book value at Rs. 717.58 (up by 15.55%), NIM at 3.62% (up by 58 bps) and yield on advances at 11.15% (up by 50 bps) reflect strong fundamentals of the Bank.
He said the policies of the Bank would be aimed at socio economic development of the State by active participation in financing employment generation and poverty alleviation programmes of the State Government.
The Bank has taken a lead role in implementing the Sher-i-Kashmir Employment and Welfare Programme for Youth (SKEWPY) promoted by the State Government. As a hand holding measure and to achieve the objective of alternate employment generation the Bank has constituted a task force for monitoring implementation of this scheme.
The bank maintained its reputation of being remarkably responsible premier institution by implementing a well conceived Corporate Social Responsibility (CSR) policy. The key initiatives undertaken by the bank in this regard have focused primarily on providing educational facilities to under privileged sections of the society, extending financial assistance for medical treatment of destitute and taking meaningful initiatives for preserving and promoting, heritage and handicrafts in the State. The bank also lays emphasis on promotion of sports as a part of Corporate Social Responsibility (CSR).
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.
Lastupdate on : Sat, 9 Jul 2011 21:30:00 Makkah time
Lastupdate on : Sat, 9 Jul 2011 18:30:00 GMT
Lastupdate on : Sun, 10 Jul 2011 00:00:00 IST
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