‘Carrying forward vision of Maharaja Hari Singh’
Nishikant Khajuria
JAMMU, May 7: Following achievement of highest ever annual profit of Rs 1197 crores, the Jammu and Kashmir Bank is going to pay dividend to its shareholders at 50 percent of the face value of the Bank share.
This was announced by MD and CEO of the Bank, Baldev Prakash, while interacting with media persons, here today, during his maiden press meet since he resumed responsibility of the bank.
“With a view to extend benefits of such record breaking numbers, Bank’s Board of Director has recommended dividend at 50 percent of the face value of shares for all the Bank investors,” he said.
Notably, the J&K Bank is paying dividend to its share holders after seven long years. The bank had paid the last dividend to its shareholders for the financial year 2016.
Explaining the ever improving balance sheet of the J&K Bank, which recently declared annual result with highest ever annual profit of Rs 1197 crore, decade high CRAR of 15.39 percent and eight-year lowest GNPA at 6 percent, MD &CEO Baldev Prakash gave all credit of these transformational results to his team across verticals who planned, executed and achieved these numbers.
“We have met market expectations and honoured the trust reposed in us by all our stakeholders,” he said and added that multiple reasons, particularly recovery of NPAs besides flat expenditure of the bank played major role in the achievement of highest ever profit.
Elaborating further, the MD and CEO said that ever since he assumed the responsibility, focus of the bank for the last five quarters has remained on devising and executing the bank’s strategies in the fast changing market scenario aiming at business growth, functional excellence and improved corporate governance.
“Actually it all began with a plan that was deliberated and discussed thoroughly in the Bank’s Strategy Conclave last year and today we have just concluded the 3rd chapter of Strategy Conclave where we discussed, deliberated and devised strategies for growth across the segments,” he said and added that the idea is to democratize the thinking process by making it broad based and more inclusive through a vibrant and updated discussion forum at these conclaves.
Simultaneously, he further said, we have initiated Business Process Re-engineering and took various measures to align the Bank’s daily functioning with business plan and devised strategy. “We also engaged with our customers proactively and after their feedback took steps to improve client-service which helped in fostering growth,” he added.
For improving customer service through latest digital intervention, Baldev Prakash said that the Bank was trying to strike a balance between digital presence and physical relevance. “Bank is set out on to a transformational drive that will accelerate business growth while enhancing customer experience and adding delight to their digital journey. Towards this end we are making rapid advances in becoming a tech bank by adapting to best global practices and investing in advanced technologies from Open Banking API, STP Platform, WhatsApp Banking and Cloud Adoption to AL and ML Based Analytics to drive innovation and improve business outcome,” he said and added that the strategies put in place last year or so have started to fructify attested by never seen before profit and bolstering key parameters asset quality, compliance and customer service.
Highlighting the J&K Bank’s contribution in alleviating unemployment in Jammu and Kashmir through financial intervention, Baldev Prakash mentioned that out of all the Banks operating in the UT, J&K Bank contributed over 92 percent of the employment benefits to 92000 youth of J&K during the UT Government’s flagship programs titles ‘Back to Village’ and ‘My Town My Pride’.
“We are carrying forward the vision of founder of the Bank, Maharaja Hari Singh Ji, it remains the harbinger of financial empowerment since 1938. Today, we all should feel satisfied to say that we are trying our best to live the dream of the Maharaja along with all other visionaries while serving every section and almost every household of the UTs of J&K & Ladakh,” he said.
He assured that Bank would continue to support to entrepreneurs, businesses through innovative financial products and Government schemes tailored to empower youth while ensuring ease of banking through its upgraded digital and alternate channels, Baldev Prakash said that the weaker and marginalized sections of society shall also be taken care of through effective CSR interventions.
In response to a query regarding the measures to check online banking frauds, the MD & CEO said that the J&K Bank was trying its level best for awareness among the customers, which was the best possible solution at present. He also sought to clarify that no different yardsticks are adopted in recovery of loans. “In fact, we have granted One Time Settlement (OTS) scheme to small defaulters,” he added.
Maintaining that the J&K Bank was also fast growing in rest of the country as well, the MD and CEO informed: “Our loan growth in rest of India for the FY 2022-23 was 20 percent thereby making up 32 percent of our total loanbook.”
Baldev Prakash was flanked by the J&K Bank’s Executive Director Sudhir Gupta, Visional Head (General Manager) Sunit Kumar and General Manager Government Business, Syed Rais Maqbool. GM Sahfat Rufai and GM Shujaat Andrabi were also present on the occasion.
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