Srinagar, Jan 28: Jammu & Kashmir Bank has won accolades for registering unprecedented growth in its fundamentals in the last 15 months. The business of the bank during the period witnessed an increase of over Rs 17,000 crore as it jumped from Rs 62,000 crore on September 2010 to over Rs 79,000 crore at the end of December 2011. The net profit of the bank almost doubled during the said period as it increased from Rs 309 crore to nearly Rs 600 crore.
Notably, Mushtaq Ahmad, who is known as a prudent banker having almost 40 years of experience at his back, was appointed chairman and chief executive officer of the bank in October 2010. Soon after assuming the charge, he revisited certain business areas of the bank and renewed the strategy for achieving solid growth in the fundamentals of the bank.
In spite of the difficult conditions here for the state economy, the Bank successfully achieved the set targets during the period. Today the reviewed financial results as on December 2011 adequately reflect that the bank is driven by better liability management and operational strength for robust and sustainable growth even in difficult business conditions. Functioning as the premiere developmental institution of the state, the bank continues to play its role as a strong partner for all the viable and sustainable projects which are directed towards the overall development of J&K.
In the last 15 months, the bank has been providing hassle free finance to the youth for their ventures sponsored under Sher-i-Kashmir Employment & Welfare Programme for Youth. The bank has also been guiding and monitoring the progress of these ventures of the borrowers beyond disbursement of the loan.
“The policies of bank are driven by the commitment to empower the people of state in socio-economic sense. And we see our youth as a huge resource to drive and lead this socio-economic model of development through entrepreneurship, efficiency and honesty”, said Mushtaq Ahmad, Chairman & CEO of the bank.
Notably, the bank has been leveraging technology to ensure customers’ delight. Fund transfer facility offered by the bank for the local business community and the students through different modes like RTGS, NEFT, Internet Banking, etc. has resulted in their delight.

Lastupdate on : Sat, 28 Jan 2012 21:30:00 Mecca time
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