Our market share in the state is around 65 percent but that doesn't make us complacent in any way. In fact, to increase our outreach we are going to open 200 more business touch points in J&K by the end of current fiscal. The Bank is on track to realise the organizational goals aiming business of Rs 170000 Cr in the current financial year besides supporting the government's agenda of economic development of the state.
J&K Bank Chairman and CEO Parvez Ahmed said in response to a question posed by a participant during the 80th Annual General Meeting (AGM) of the bank's shareholders held here at SKICC.
On the occasion, Principal Secretary Finance Navin Kumar Chaudhary represented the J&K Government, which is the major stakeholder of the bank. The meeting was also attended by other Directors on Board of the bank including Yogesh Kumar Dyal, Azhar ul Amin, Mohammad Maqbool Rather, Mohammad Ashraf Mir, Dr Pronab Sen, Mrs Vijayalakshmi R Iyer, Dr Sanjiv Agarwal, Sunil Chandiramani, Dr Dhaman Kumar Pandoh and Rahul Bansal. The bank's Executive Presidents, Presidents, Vice Presidents and shareholders in a large number also attended the meeting.
Earlier, expressing his gratitude for their continuous trust, loyalty and unwavering support to the Bank, Chairman and CEO Parvez Ahmed appreciated the shareholders in his keynote address, saying, "Your presence is most valuable to us. Your support and trust is our prime strength and we hope to receive these along with your encouragement in the future as well."
Providing an overview of the banking sector and Bank's performance during the previous fiscal which he said, was beset with various challenges, Parvez Ahmed said, "The good news from the industry over the past year is that the pace, at which assets downgraded during last many quarters, has slowed down thereby resulting decrease in fresh NPAs, credit off-take is improving. Settlement of NPAs has seen a marked increase. Though we saw a challenging last quarter due to revised guidelines of RBI on NPA treatment including quashing the restructuring schemes leading to some major slippages across the industry, your Bank has shown resilience and registered a profit of Rs 202.72 Cr, CASA ratio of 50.89 pc, NIM of 3.65 pc, NPA coverage ratio of 65.83 pc and Net NPA of 4.90 pc."
"The highlight of the year has been the focus on recovery through the dedicated Impaired Assets Portfolio Management (IAPM) vertical. During the FY total recoveries and up-gradations in excess of Rs. 3000 Cr have been effected (including write-offs) while actual recoveries and up gradations amounted to Rs. 1585 Cr", he added.
Concluding his address with optimism, Chairman asserted, "For your Bank, 2018-19 will be a pivotal year in redefining itself into a strategically growing, technologically modern and operationally agile institution. We are determined to maintain market leadership in a rapidly evolving ecosystem and are aiming at Business beyond 170,000 Cr. I am optimistic that J&K Bank shall not have to face any untoward environment in the years to come and we will continue to focus on repairing the downgraded asset portfolio and reducing the pipeline of NPAs."
After the address, Company Secretary Mohammad Shafi Mir read out the auditors' report, comments from C&AG and background for business items.
Voting on some agenda items was conducted both through ballot and electronically on the occasion.
Shortly before the conclusion of meeting, there was a brief Question-Answer session, wherein the participants raised many queries which were duly responded to by the Chairman.
While expressing their views on the occasion, some of the shareholders congratulated the Chairman and staff of the bank for the turnaround in the bank's performance with their hard work and state focused strategy. They urged for continuing the handholding to the local industry besides financing the startups by the local educated youth.
Chairman Parvez Ahmed concluded the AGM by acknowledging the support and guidance of all the stakeholders.
Meanwhile, the e-voting results on resolutions approved by the shareholders will be available on the bank's websitewww.jkbank.net and www.jkbank.com by or before July 9, 2018.