J&K Bank holds 78th AGM, approves 175% dividend to its shareholders

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Srinagar: J&K Bank today held 78th Annual General Meeting (AGM) of its shareholders here at SKICC, which approved the dividend payment of 175 pc to bank’s share owners.

Representing J&K Government, which is the major stake-holder of the bank, Principal Secretary to Chief Minister and Administrative Secretary, Finance Department Navin Kumar Choudhary was also present on the occasion.  

Expressing his gratitude for their continuous trust, loyalty and unwavering support to the Bank,  Chairman and CEO Mushtaq Ahmad appreciated the shareholders in his keynote address, saying, “The year 2015-16 was difficult for the banking industry as also to our Bank. However, with your support, we not only succeeded in overcoming the complexities but also build reasonable fortifications to face future uncertainties.”

Providing an overview of the country’s banking sector, which he said, was passing through a difficult phase, he said, “The asset quality of most of the banks has been under increasing pressure for past few years. The problem manifested itself at its zenith during FY 2015-16 as most of the banks faced unprecedented deterioration in asset quality. Profitability of the sector also witnessed a steep decline on account of increased provisioning for impaired assets.”

“FY 2015-16 was also a very challenging one for J&K Bank. The focus of the Bank remained on consolidation of the balance sheet to make it stronger and healthier for future. The Bank apportioned substantial percentage of operating profits towards floating provisions, so as to have a strong cushion against future uncertainties. Otherwise the bank would have comfortably booked a net profit of Rs.750 crore for the financial year 2015-16 instead of Rs.416 crore reported by the bank for the said period”, he added.

However, concluding his address on an optimistic note, he stressed, “Going ahead, the Bank foresees better economic prospects in the state of J&K for FY 2016-17. As such, the Bank has targeted a credit growth of 22 percent in the J&K State. Besides, there are vivid signs that corporate performance is improving. National economy is already progressing on a high growth trajectory. The future appears to be full of opportunities for growth and profitability.”

After the address, Company Secretary Abdul Majid Bhat read out the auditors’ report and business agenda of the meeting.

He also declared that the e-voting results on resolutions approved by the shareholders will be available on the bank’s website www.jkbank.net and www.jkbank.com tomorrow on July 21, 2016.

Chairman  & CEO Mushtaq Ahmad concluded the 78thAGM by thanking the shareholders and the staff for making it to the meeting venue despite restrictions. The chairman was all praise for the human capital of the bank.

 

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