JKBL hosts its 85th AGM
Excelsior Correspondent
Srinagar, Aug 24: Chief Executive Officer (CEO)and Managing Director (MD) of Jammu and Kashmir Bank Ltd, Baldev Prakash, today announced that the bank is on a strong upward trajectory thanks to the unwavering support of stakeholders and customers.
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He shared this during the 85th Annual General Meeting (AGM) held for the financial year 2022-2023 at the Kashmir International Convention Centre. He began his address to the shareholders by congratulating the countrymen in general and the scientists of ISRO in particular over the historic landing of India’s Chandrayaan-3 on the far side of the moon.
In his address, Prakash elaborated on the bank’s impressive financial performance, stating that the bank had achieved a record-breaking profit of 10,197 crores in the previous year. He emphasised that this successful journey continues into the current year with an excellent first quarter. “The bank is experiencing robust growth, marked by improving asset quality and a commitment to meeting guidelines set forth by the bank. The bank’s capital adequacy ratio has surpassed 15%, currently standing at 15.38%,” he said.
He also highlighted the positive economic climate in Jammu and Kashmir, particularly the thriving tourism sector. He said last year, the region saw a notable increase in tourist arrivals, reaching 1.88 crore. “As per estimates, the number is likely to exceed 2 crore this year, anticipating a ripple effect on the broader economy. As a key financial institution in the region, Jammu and Kashmir Bank expects to benefit significantly from this economic upswing,” he said.
Prakash mentioned the promising agricultural sector, particularly the high-yield apple crop, bolstered by all-weather connectivity. He hinted at potential improvements in train connectivity, further enhancing the horticulture sector’s growth. “This optimistic outlook is expected to contribute to the economic prosperity of rural Jammu and Kashmir and further fortify the bank’s position in the region’s financial landscape,” he said.
While expressing pleasure over the first in-person shareholders meeting after three years, MD said, “What makes this event further special is that all of you are joining us on the occasion when the country is also celebrating its Azadi Ka Amrit Mahotsav on account of 75 years of independence.”
The MD and CEO also acknowledged and appreciated the support of the bank’s various stakeholders on the occasion by saying, “I would like to express my heartfelt gratitude to each and every one of you, particularly our shareholders and the governments of the UTs of J&K and Ladakh, for their unwavering support and trust in this institution. It is because of your continued faith that we have been able to achieve remarkable milestones over the past year.”
Giving an overview of the country’s banking sector, he said, “Driven by increased infrastructure spending, rapid project implementation, and ongoing reforms, the banking sector in India is well poised for robust progress. Credit has seen double-digit growth in FY2022-23, and the trend is expected to continue in FY24.”
Summing up the bank’s recent performance, the MD said, “Our transformational journey for the last few years has been quite eventful and happening. The bank has witnessed remarkable performance across the business parameters, as reflected in our annual results for FY2022-23. And in recognition of this outstanding performance, I am delighted to announce that the Board of your Bank has recommended a dividend of Rs 0.50 per equity share of Rs 1/- each fully paid for the financial year ended March 31, 2023. ” This decision reflects our commitment to sustainable growth and maximising shareholder value,” he added.
While acknowledging that the bank’s success is intertwined with the success of its customers, he said that the bank continues to invest in enhancing the customer experience, streamlining processes, and offering innovative financial solutions to meet their evolving needs. “We are committed to staying at the forefront of digital banking, ensuring our customers have access to seamless and secure banking experiences. Our flagship mobile banking platform, J&K Bank mPay, is under upgrade, and the revamped app named M-Pay Delight +, which will be made available shortly, offers a next-level experience by integrating m-banking, e-banking, UPI, and IMPS into one single application, providing a unique “Bank in the Pocket” experience. We are determined to become one of the most technologically smart banks in the country”, he said.
Expressing confidence to continue on the path of sustainable growth, he asserted, “With the unwavering support of our shareholders, the dedication of our employees, and the trust of our customers, I am confident that we can face any challenge and will continue to unleash the power of shared prosperity.”
Earlier, the bank’s company secretary, Mohammad Shafi Mir, read out the auditor’s report, the comments of the Comptroller and Auditor General (C&AG, comments of Secretarial Auditor besides providing a brief background of each business item. He further informed that the results of e-voting along with the scrutinizer’s report will be available on th websites of the Bank/RTA/Stock Exchanges within two working days from conclusion of the AGM.
Notably, the shareholders congratulated the bank’s board, management, and employees for the historic results and expressed gratitude for the announcement of a dividend for the financial year 2022-23. “The bank’s board, management, and staff deserve appreciation for the bank’s annual performance and gratitude for the announcement of the dividend. We hope the bank will continue to perform better and keep on adding value to our investments in the future as well”, said a few shareholders at the meeting.
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