R K Chibber, Sudhir Gupta re-appointed as Directors
Excelsior Correspondent
SRINAGAR, Aug 17: J&K Bank today announced 215 percent dividend for shareholders during 86th Annual General Meeting (AGM) held here at its Corporate Headquarters.
MD & CEO Baldev Prakash chaired the AGM – themed ‘Goals Met: Promises Kept’- in presence of Bank’s Directors-on-Board including Principal Secretary to Government (Finance Department) Santosh D Vaidya – representing majority share-holder and promoter i.e. J&K UT Government. Couple of Bank’s Board-Directors joined the meeting through video conferencing.
Besides a large number of valuable shareholders, the meeting was also attended by the Bank’s Executive Director Sudhir Gupta, General Managers, Deputy General Managers, Company Secretary, Chief Financial Officer, other senior officers besides members from media fraternity.
In today’s AGM, R K Chibber and Sudhir Gupta were re-appointed as Director on the Board of the bank.
Speaking on the occasion, Principal Secretary Santosh D Vaidya commended all the stakeholders of the Bank for its eventful journey of 86 years. Highlighting that the goodwill and trust earned by the Bank was a remarkable achievement, he listed five expectations, which the board of directors and shareholders have from the Bank.
“As we cross this milestone of 86 years, we would like the Bank to focus on these areas beginning with customer focus. The Bank needs to be cognizant of the growing choices for its consumers ranging from farmers to entrepreneurs and needs to build on its large consumer base in J&K with better pricing and quality of services to ensure customer satisfaction”, he said.
The other areas, he touched upon, included regulatory and other capital adequacy compliances, optimization of balance sheet and asset quality along with cost efficiency. On technology front, he said, the bank has done substantially well.
Vaidya advised the bank to improve upon its fintech capabilities. “The bank should continue to educate its consumers about the secure use of its technology platforms to protect them from cyber and other frauds. Also the upskilling of staff must keep pace with the growing use of its technology platforms,” he added.
Earlier, the Bank’s MD & CEO Baldev Prakash announced 215 pc dividend for the shareholders of the Bank after the outstanding financial results for fiscal 2023-24.
“Our gross revenue has increased by 19 percent YoY reaching to Rs 12038 Crores and our net profit grew by 48 percent YoY, standing at Rs 1767 Cr, the highest ever in Bank’s history”, he informed.
Summing up the Bank’s recent performance, MD said: “We continue to place our customers at the heart of everything we do. This year, we have automated several processes as part of Business Process Re-engineering designed to meet the evolving needs of our diverse customer base. With the evolution of digital stack in banking landscape, the sales aspect of banking operations has undergone revolutionary change. Aligning ourselves to industry trend, our digital platforms have been upgraded to meet diversified customer needs and aspirations, reflecting our commitment to providing convenient and seamless banking solutions.”
Expressing confidence to continue on the path of sustainable growth, he asserted, “Despite continued volatility in the global markets, we are confident to navigate upcoming challenges. We are committed to redouble our efforts to continue our growth story and make this institution the bank for all generations.”
The Bank’s Company Secretary Mohammad Shafi Mir read out the Auditor’s Report comments of Comptroller and Auditor General (C&AG), Secretarial Audit Report and provided brief background of each business item to be transacted at the AGM.
The meeting concluded with a question-answer session, wherein MD & CEO Baldev Prakash along with the directors listened to a range of questions from shareholders and responded in detail to every query.
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