SrinagarJ&K Bank today held 79th Annual General Meeting (AGM) of its shareholders here at SKICC, wherein J&K Financial Commissioner Navin Kumar Choudhary represented the government, which is the major stake-holder in the bank. The meeting was attended by the banks directors on board, shareholders, auditors, top management, media persons and officers of the bank.
Expressing optimism for the coming times Chairman and CEO Parvez Ahmad asserted, As credible reports suggest economic activity is going to pick up pace in 2017 and 2018, especially in emerging market and developing economies, we remain optimistic for a profitable year ahead. Our numbers are bound to track a positive growth path. I am very confident of decent appreciation in your investments during times ahead and assure you of better dividends.
Providing an overview of the countrys economy, which he said, passed through a difficult phase, he said, The slowdown in the economic activity in the country resulted in poor credit off-take and thereby hampered activity mainly in infra sectors thus paralyzing the portion of the Banking Balance Sheets comprising of exposure to companies operating in these sectors. This resulted in creation of huge NPAs and Capital inadequacy for almost all the Banks operating in the country.
At home, we were yet to come out of the devastating effects of September 2014 deluge, Kashmir valley experienced a dreadful summer last year which further choked the sustaining pulse of the state economy. As the Leading bank of the state, we immediately shifted our focus to make the condition of our borrowers relevant to the times than betting on their capability. The Special Restructuring Package approval from RBI with backing from Government of Jammu and Kashmir proved to be a perfectly timed enabler to ensure cash-flow streaming, he added.
Talking about some of the positives steps taken during the last financial year, he said, With focus shifting completely to cleanup and consolidation, the Bank has not been able to achieve significant numbers during the year. Upgrade of our Recovery and Resolution Methodology assumed the highest significance post recognition of asset quality woes. And creation of Impaired Assets Portfolio Management (IAPM) vertical complimented our resolve of effecting as much recoveries which also helped to release the squeezing pressure on our capital base. We were hence able to recover in excess of Rs 800 Crore.
Besides remodeling our Business Strategy, we have initiated certain cost cutting initiatives during the year. The yields of all such initiatives shall reflect in the performance of the current and future financial years. We have been able to achieve around Rs 1000 Crore fresh capital infusion during the year, he added.
Speaking about the positive effects of demonetization process, he stressed, It offered us the opportune time and platform to push for complete digitization of our service delivery models through our specialist technology vertical. It is the dividend of this technology driven transformation which shall remain our cherished memory of this most difficult year in the history of our Bank.
After the address, Company Secretary Mohammad Shafi Mir read out the auditors’ report and business agenda of the meeting.
The e-voting results on resolutions approved by the shareholders will be available on the banks website www.jkbank.netandwww.jkbank.com by or before July 19.
On the occasion, the house passed resolution to induct five Independent Directors and two rotational directors on the banks Board.
Towards the end of the meeting, Chairman and CEO, J&K Bank Parvez Ahmed held a question answer session, wherein he addressed different queries of the shareholders.
The shareholders posed varied questions ranging from customer services of the bank to recovery management and future plans of the organization.
The chairman where deliberating upon the queries assured the shareholders that the management is fully committed towards delivering results expected by all its stake holders. He assured the audience that there was a heightened sense of awareness regarding the customer care in the bank which would further be improvised to meet their expectations.
The chairman also assured the shareholders about the release of dividend from the next fiscal which, he said, was interrupted due to exceptional circumstances prevailing in banking industry in general and state economy in particular.
The chairman however expressed confidence in the banks future plans and business growth whereby he specifically assured the creation of 5000 jobs for the qualified youth of the state in the next five years. He also enumerated transforming the socio-economic landscape by empowering every business activity and every individual besides preservation of cultural and ecological heritage of the state as key objectives of the bank in future.
The Impaired Asset Portfolio Management vertical has been specifically structured to recover the bad loans. Reputed International Consultancy Services like Delloitte have been hired to advise about the integration of technology and business processing, better risk management practices, digitisation of services, human resource development to meet future challenges besides reworking the strategies as per the need of times he said.
Thereafter, chairman and CEO Parvez Ahmad concluded the AGM by thanking the shareholders and the staff for their participation.
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