200 ATMs, 100 BUs to be opened
Excelsior Correspondent
SRINAGAR, July 14: J&K Bank today approved the payment of record high dividend of 335 % to its share holders.
The decision was taken in the 74th Annual General Meeting of J&K Bank’s share owners. The theme of AGM was “Expanding Frontiers, Consolidating Capabilities and Sustaining Growth”.
Addressing the meeting, which was attended by a large number of shareholders, Chairman and CEO Mushtaq Ahmad said, “the Bank is poised to open new chapters, new hopes and new opportunities for the people of State particularly youth and lead their lives towards better and brighter economic tomorrow”.
“The total business of Rs 86,432 crore and a net profit of Rs 803.25 crore is the highest ever posted by the Bank in its history”, he said, adding “this is despite the economic uncertainties and concerns the world over as also in the country that our Bank delivered another year of consistent growth. Our core business growth is testament to our unique value proposition and a clear upward trend across business volumes, revenues and profits, surpassing all previous achievements.”
Expanding its network across the State and beyond, the Bank has added 55 new Business Units (BUs) and 147 ATMs during the FY 2011-12, which shot up the number of BUs to 603 and ATMs to 508.
The Chairman informed that the policy will be pursued vigorously during 2012-13 in which around 100 new Business Units and 200 ATMs will be dedicated to people mainly in un-banked and under-banked rural areas of the State. The Bank, he said, plans to recruit few hundred educated youth to keep pace with its expansion policy.
Speaking about the targets set by the Bank for the current FY, he said, “Bank is well positioned to achieve the target of Rs 100,000 crore business, with Rs 1,000 crore net profit by March 2013. And this would be Platinum Jubilee year, i.e. 75th year, of our illustrious journey and we would celebrate it in a suitable manner.”
Company Secretary Abdul Majid Bhat read out the auditors’ report and business agenda of the meeting.
Afterwards the resolutions were approved by the shareholders according to the set procedural norms. During the question answer session shareholders urged that Bank should further the process of employment and industrial and trade promotion.
Follow our WhatsApp channel