SRINAGAR – J&K Bank held the 81st Annual General Meeting (AGM) of its shareholders for the financial year (FY) 2018-19 here at its corporate headquarters.
On the occasion, Financial Commissioner (Finance Department) Dr Arun Kumar Mehta (IAS) represented the J&K Government which is the majority shareholder of the bank. The meeting was also attended by Directors on board of the bank, its Executive President, Presidents, Vice Presidents and a large gathering of its shareholders.
Speaking at the AGM with a theme – growing together for a positive change – J&K Bank Chairman and Managing Director (CMD) Rajesh Kumar Chhibber said, “In spite of testing times, J&K Bank has been able to maintain consistency in its growth rate and earnings and estimates were by and large met. Despite downgrading a few large loan accounts, including IL&FS, the Bank has registered a Net Profit of Rs 464.88 Cr, with a comfortable CASA ratio of 50.70 pc leading to a NIIM of 3.84 pc, NPA coverage ratio of 64.30 pc, Net NPA of 4.89 pc and a digital transaction percentage of 60 pc during the FY 2018-19.”
The CMD apprised the shareholders about the latest developments vis-à-vis the bank including a proposal for separation of the posts of Chairman and Managing Director as per Reserve Bank of India (RBI) regulation and Securities and Exchange Board of India (SEBI) guidelines. “In June this year, the Board of Directors of the bank has also approved implementation of J&K RTI Act, 2009 and adoption of Central Vigilance Commission (CVC) guidelines” he informed the shareholders.
Expressing confidence in the bank’s future plans, the CMD said, “I am sure that going forward all these changes would strengthen the governance and accountability framework of your Bank thereby enhancing transparency, efficiency and help in making the institution stronger and healthier and I believe we shall not only weather the challenges at hand but put the bank on a different pedestal with the committed support of our promoters, regulators, Board of Directors, vibrant management and dedicated workforce.”
The CMD emphasized that for the upcoming fiscals, the bank’s prime focus would be setting new benchmarks in business growth and profitability through customer-centric business strategies. “Our mission shall be to keep the organizational interests paramount while we discharge our duties and ensure that we individually and collectively take the customer service to new levels of excellence.”
After the address, Company Secretary read out the auditor’s report, comments of Comptroller and Auditor General of India and business agenda of the meeting and informed the shareholders that results of e-voting and poll conducted at the AGM shall be available on the website of the bank as well as on the websites of stock exchanges by or before 28th September, 2019.
Thereafter, a question answer session was held, wherein the CMD addressed different queries of the shareholders to their satisfaction. At the end of the meeting, the CMD expressed his heartfelt gratitude to all the shareholders for their active participation.