J&K Bank posts strong performance in FY21

We recognize enormous responsibility that we have to perform for our customers and shareholders: CMD R K Chhibber
J&K Bank posts strong performance in FY21
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Source: Twitter@JandKBank

Srinagar: J&K Bank stakeholders, including customers and shareholders, have a reason to rejoice. After facing a turbulent time some two years back and amid the situation further complicated by the outbreak of coronavirus pandemic, the Bank is back on the track with a remarkable performance recorded during the financial year 2020-21 (FY21).

While talking to Greater Kashmir, the Bank’s Chairman & Managing Director (CMD), Rajesh Kumar Chhibber, expressed his satisfaction over the financial numbers which the bank recorded at the end of the March 2021 despite facing never-seen-before challenges.

The CMD while looking back on the last two years - starting from his time as CMD of Bank from June 2019, says, “It is remarkable how much we persevered and have accomplished, not only in terms of financial performance but also in our steadfast dedication to help clients. We have also greatly improved on our corporate governance standards with a professional full strength Board of Directors comprising of eminent persons with expertise in multiple disciplines, introduction of RTl, adoption of CVC guidelines, appointment of an internal ombudsman to quote a few.”

Giving details of the financial numbers, Chhibber said, “Despite all the odds and adversities, drawing on all our resources and resilience, we were able to record a significantly improved performance on most financial parameters. We registered the highest ever quarterly profit of Rs. 315.75 crore over the last 7 years, restricted slippages for the FY21 to below Rs. 1000 crore despite getting a brief window after revocation of the asset classification restraint order by the Hon'ble Supreme Court, controlled gross NPAs below 10% and net NPAs below 3%, recorded a comfortable provision coverage ratio of 81 .97% and posted a robust liability franchise with industry best CASA of 56.84%. We have a respectable double digit growth in business in the UTs of J&K and Ladakh, maintaining NIM above 3.50% threshold despite squeeze on margins, et al.”

The bank continues to remain alert to any fresh slippages while making further necessary provisions, said the CMD. “On a day-to-day basis, we recognize the enormous responsibility that we have to perform for our Customers and shareholders. We are sure that our relentless efforts to build upon our already strong fundamentals shall prove to be a value proposition for the investors, both in the short as well as long run,” he said.

Addressing to his stakeholders, the CMD said, “Your enduring faith in the institution has started yielding results and with the momentum achieved by the Bank, the valuations of the Bank are bound to touch newer highs and a number of pleasant surprises are surely on the way.”

It’s worth mentioning that by every measure, FY21 was an extraordinary year- a year of global pandemic which necessitated unprecedented lockdowns and in-turn threw the economies across the globe into recession. The year was loaded with most difficult personal challenges and a staggering number of people lost their loved ones.

The bank while cautiously watching the events unfolding maintained keen focus on business continuity, strictly adhered to the protocols and prescribed SOPs to ensure safety of its employees as also its customers.

Chhibber said, “Looking back, I feel proud of what our committed team of employees and the institution as a whole achieved, individually as well as collectively. We have always championed the essential role of banking, especially in our stronghold i.e. J&K and Ladakh for bringing people together, for enabling companies and individuals to reach for their dreams, and for being a source to fall back upon in difficult times. Besides extending all the relief measures as envisaged under regulatory guidelines, we proactively devised and passed on various tailor-made schemes and products, enabling our customers to tide over the situational liquidity issues and support survival of their operations.”

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