The Jammu and Kashmir Bank has announced a dividend to its shareholders at 50 per cent of the face value of the bank share after achieving the highest-ever annual profit of Rs 1197 crore. This is the first time the bank has paid dividends to its shareholders in seven years. The MD and CEO of the bank credited the transformational results to his team across verticals, who planned, executed, and achieved these numbers. The bank’s focus for the last five quarters has been on devising and executing strategies for business growth, functional excellence, and improved corporate governance. The bank is also making rapid advances in becoming a tech bank by adapting to best global practices and investing in advanced technologies to drive innovation and improve business outcomes. The bank is also contributing to alleviating unemployment in Jammu and Kashmir through financial intervention.
Jammu and Kashmir Bank holds a major market share of 64% in the banking business in the UT of Jammu and Kashmir and 60% in the UT of Ladakh. The removal of Article 370 has brought about significant changes in the functioning of the bank. The bank is now subject to the same regulations as other banks in India, which has increased its accountability and transparency. The reconstitution of the bank’s Board of Directors and the appointment of a Chairman and Managing Director on professional merits have also helped in improving its governance and management. The bank has also been expanding its operations outside UTs, which has helped diversify its portfolio and reduce its dependence on a single region. The bank’s focus on improving its asset quality and reducing NPAs has helped strengthen its balance sheet and improve its financial performance.
The Jammu and Kashmir Bank’s remarkable success is attributed to the guidance and professional approach implemented by its administration. The MD and CEO, along with his team, have played a crucial role in the bank’s turnaround and should be commended for their efforts.
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