12th September 2015
Srinagar
Chairman J&K Bank presents dividend cheques to Chief Minister
Chairman and CEO J&K Bank Mr. Mushtaq Ahmad today presented dividend cheques for an amount of Rs 54.13 Cr for FY 2014-15 to the Chief Minister Mufti Mohammad Sayeed as head of the State Government, which is the largest shareholder of the bank.
The two dividend cheques were presented to the Chief Minister in presence of State Finance Minister Dr Haseeb A Drabu, Chief secretary B R Sharma, Principal Secretary to Chief Minister B B Vyas and Secretary Finance Naveen Kumar Chaudhry.
While appreciating the bank's leadership for remarkable performance and its role in growth and development of the State, the Chief Minister reiterated his confidence and trust in the Bank's leadership and its capability to achieve newer heights.
Speaking on the occasion Chairman Mr. Mushtaq Ahmad thanked the Chief Minister for his support and apprised him about the Bank's performance.
While highlighting the achievements of the bank, Chairman said, "The bank's business has increased from Rs 62871 Cr as on 30th September 2010 to Rs 110342 Cr as on March 31, 2015. The lending has almost doubled during the same period and reached Rs 44586 Cr from around Rs 23000 Cr.”
He said that the commercial credit in the state has more than doubled from around Rs 10000 Cr to Rs 23000 Cr during the last 5 years, he added.
"For the last 5 years, our approach has gradually turned inwards. Consolidating our focus on the state further we have been changing the composition of loans and advances by increasing our credit portfolio in J&K. The ratio of advances in state Vis-a-Vis outside stood at 52:48 as on June 30.2015. The advances in the state will be further shored up in the coming quarters.”
"We have expanded out foot-print across J&K by adding around 300 business units since September 2010. The number of our ATM network has reached 883 as on March 31, 2015 by adding more than 550 ATMs to such machines in the state as on September 30, 2010", he said.
Under its expansion plan, the bank will add 80-100 new business units and 150 ATMs to its network during the current financial year, he added.
He said that the bank played a major role during the recent floods and was the first organization to provide relief to the people affected by devastating floods that hit the state in the first week of September 2014. The bank facilitated distribution of medicines and food packets among the flood hit people at various locations of the state. Under its Corporate Social Responsibility (CSR), the bank contributed around Rs 14 Cr for the various projects and activities aimed at the well-being of poor and needy in the state.
The Bank also contributed Rs 5.00 Cr towards Chief Minister's Flood Relief Fund for being partners in providing succor to the people of the state in rebuilding their shattered dwellings, he added.
Under its major rehabilitation package, the Bank donated 500 tents to the flood hit families. Around 23000 kits comprising of blankets, water purifiers, hot water bottles & solar lamps were also distributed among the people as a relief measure.
Besides, the bank is already conducting a major recruitment drive for the post of Relationship Executives (RE), for which the online exams are being held across the state in an unprecedented way. Around 48,000 candidates are expected to appear for the exams ending tomorrow.
Notably, after receiving this dividend, the State Government, which owns over 53 percent of bank's shares, has received a total dividend income of Rs.767.31 Cr on its investment since 1938. The investment amount of Rs 53 Cr made by the State Government in the Bank has appreciated to Rs 2381.63 Cr on the basis of current market price of the bank's shares, based on the closing price on BSE on 11-09-2015, registering appreciation of 4376 percent.
The two dividend cheques were presented to the Chief Minister in presence of State Finance Minister Dr Haseeb A Drabu, Chief secretary B R Sharma, Principal Secretary to Chief Minister B B Vyas and Secretary Finance Naveen Kumar Chaudhry.
While appreciating the bank's leadership for remarkable performance and its role in growth and development of the State, the Chief Minister reiterated his confidence and trust in the Bank's leadership and its capability to achieve newer heights.
Speaking on the occasion Chairman Mr. Mushtaq Ahmad thanked the Chief Minister for his support and apprised him about the Bank's performance.
While highlighting the achievements of the bank, Chairman said, "The bank's business has increased from Rs 62871 Cr as on 30th September 2010 to Rs 110342 Cr as on March 31, 2015. The lending has almost doubled during the same period and reached Rs 44586 Cr from around Rs 23000 Cr.”
He said that the commercial credit in the state has more than doubled from around Rs 10000 Cr to Rs 23000 Cr during the last 5 years, he added.
"For the last 5 years, our approach has gradually turned inwards. Consolidating our focus on the state further we have been changing the composition of loans and advances by increasing our credit portfolio in J&K. The ratio of advances in state Vis-a-Vis outside stood at 52:48 as on June 30.2015. The advances in the state will be further shored up in the coming quarters.”
"We have expanded out foot-print across J&K by adding around 300 business units since September 2010. The number of our ATM network has reached 883 as on March 31, 2015 by adding more than 550 ATMs to such machines in the state as on September 30, 2010", he said.
Under its expansion plan, the bank will add 80-100 new business units and 150 ATMs to its network during the current financial year, he added.
He said that the bank played a major role during the recent floods and was the first organization to provide relief to the people affected by devastating floods that hit the state in the first week of September 2014. The bank facilitated distribution of medicines and food packets among the flood hit people at various locations of the state. Under its Corporate Social Responsibility (CSR), the bank contributed around Rs 14 Cr for the various projects and activities aimed at the well-being of poor and needy in the state.
The Bank also contributed Rs 5.00 Cr towards Chief Minister's Flood Relief Fund for being partners in providing succor to the people of the state in rebuilding their shattered dwellings, he added.
Under its major rehabilitation package, the Bank donated 500 tents to the flood hit families. Around 23000 kits comprising of blankets, water purifiers, hot water bottles & solar lamps were also distributed among the people as a relief measure.
Besides, the bank is already conducting a major recruitment drive for the post of Relationship Executives (RE), for which the online exams are being held across the state in an unprecedented way. Around 48,000 candidates are expected to appear for the exams ending tomorrow.
Notably, after receiving this dividend, the State Government, which owns over 53 percent of bank's shares, has received a total dividend income of Rs.767.31 Cr on its investment since 1938. The investment amount of Rs 53 Cr made by the State Government in the Bank has appreciated to Rs 2381.63 Cr on the basis of current market price of the bank's shares, based on the closing price on BSE on 11-09-2015, registering appreciation of 4376 percent.