Express News Service
NEW DELHI: Adding a historic milestone to its journey by recording its highest-ever profit for the fiscal year 2022-23, Jammu and Kashmir Bank is now contributing towards the grand success of the upcoming G20 meeting in Srinagar. They have sponsored events and are pitching in wherever their expertise is required.
Baldev Prakash”We are looking forward to the upcoming G20 meetings in Srinagar at a time when India holds the Presidency. We have contributed towards the successful conduct of these meetings. In fact, we are among the major sponsors of a few G20 related conferences happening in both Jammu as well as in Kashmir,” Baldev Prakash, MD and CEO of J&K Bank told this newspaper.
Being the premier financial institution of the Union Territory, J&K Bank has been at the forefront of implementing the Union Government’s flagship programs from deepening financial inclusion to broadening the social security cover across Jammu and Kashmir and Ladakh.
J&K Bank was amongst the main sponsors of the recently concluded Youth 20 Consultation Summit held in Srinagar under the G20. Youth delegates from Indonesia, Mexico, Turkey, Russia, Japan, the Republic of Korea, the US, Brazil and Nigeria.
J&K Bank has made its highest-ever annual profit of Rs 1197 crore and is paying dividends to its shareholders at 50 per cent of the face value of the bank share. This dividend was paid after a gap of seven years. What is interesting is that dividends could be possible due to the efforts that helped in successfully turning around the bank’s revenue.
“Let me tell you that the turnaround was entirely planned in the first quarter of FY 2022-23 during the Bank’s maiden Strategy Conclave in Srinagar. During the conclave, we identified the focus areas in performance and functioning like profitability, business growth, asset quality, capital augmentation, business process re-engineering etc.; prepared an action plan and started implementing it on a priority basis across our zones of operation. Thereafter, the entire strategy was put up for review on a monthly basis till March 2023. Now the results are there for everyone to see,” Mr Prakash added.
J&K bank noticed a marked improvement in Asset Quality from 8.67 per cent to 6.04 per cent which was achieved through proactive management of SMAs and vigorous follow-up of bad loans.
The bank at present has 987 branches, 82 Easy Banking Units (EBUs), 24 Extension Counters (ECs), and 1418 ATMs at present across the country covering 18 States and 4 Union territories.
Additionally, they have 1067 Business Correspondents serving people of difficult and far-off geographies through Khidmat Centres (Common Service Centres) by extending basic banking services that include doorstep banking.
NEW DELHI: Adding a historic milestone to its journey by recording its highest-ever profit for the fiscal year 2022-23, Jammu and Kashmir Bank is now contributing towards the grand success of the upcoming G20 meeting in Srinagar. They have sponsored events and are pitching in wherever their expertise is required.
Baldev Prakash”We are looking forward to the upcoming G20 meetings in Srinagar at a time when India holds the Presidency. We have contributed towards the successful conduct of these meetings. In fact, we are among the major sponsors of a few G20 related conferences happening in both Jammu as well as in Kashmir,” Baldev Prakash, MD and CEO of J&K Bank told this newspaper.
Being the premier financial institution of the Union Territory, J&K Bank has been at the forefront of implementing the Union Government’s flagship programs from deepening financial inclusion to broadening the social security cover across Jammu and Kashmir and Ladakh.googletag.cmd.push(function() {googletag.display(‘div-gpt-ad-8052921-2’); });
J&K Bank was amongst the main sponsors of the recently concluded Youth 20 Consultation Summit held in Srinagar under the G20. Youth delegates from Indonesia, Mexico, Turkey, Russia, Japan, the Republic of Korea, the US, Brazil and Nigeria.
J&K Bank has made its highest-ever annual profit of Rs 1197 crore and is paying dividends to its shareholders at 50 per cent of the face value of the bank share. This dividend was paid after a gap of seven years. What is interesting is that dividends could be possible due to the efforts that helped in successfully turning around the bank’s revenue.
“Let me tell you that the turnaround was entirely planned in the first quarter of FY 2022-23 during the Bank’s maiden Strategy Conclave in Srinagar. During the conclave, we identified the focus areas in performance and functioning like profitability, business growth, asset quality, capital augmentation, business process re-engineering etc.; prepared an action plan and started implementing it on a priority basis across our zones of operation. Thereafter, the entire strategy was put up for review on a monthly basis till March 2023. Now the results are there for everyone to see,” Mr Prakash added.
J&K bank noticed a marked improvement in Asset Quality from 8.67 per cent to 6.04 per cent which was achieved through proactive management of SMAs and vigorous follow-up of bad loans.
The bank at present has 987 branches, 82 Easy Banking Units (EBUs), 24 Extension Counters (ECs), and 1418 ATMs at present across the country covering 18 States and 4 Union territories.
Additionally, they have 1067 Business Correspondents serving people of difficult and far-off geographies through Khidmat Centres (Common Service Centres) by extending basic banking services that include doorstep banking.
