14th July 2012
Srinagar
J&K Bank holds 74th AGM <i>Expanding Frontiers, Consolidating Capabilities and Sustaining Growth. 100 Business Units, 200 ATMs to be added to network- Chairman<BR>Mr. Shahdad, Mr. Kuthiala reappointed directors</i>
J&K Bank held its 74th Annual General Meeting (AGM) of its share owners here today which approved the payment of record high dividend of 335% to the Bank's share holders. The theme of AGM was "Expanding Frontiers, Consolidating Capabilities and Sustaining Growth".
Addressing the meeting, which was attended by a large number of shareholders of the bank from different walks of life, Chairman and CEO Mushtaq Ahmad appreciated the share owners for their unflinching support saying, "The Bank is poised well 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."
Visibly composed to share his delight with shareholders he said, "The total business of `86,432 Crores and a Net Profit of `803.25 Crores is the highest ever posted by the Bank in its history.
"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."
This unprecedented growth across all the spheres is on account of Bank's sheer resilience and fundamental strength, he added.
Expanding its network across the state and beyond, the Bank has added 55 new Business Units (B.U) and 147 ATMs during the FY 2011-12, which shot up the number of B.Us to 603 and ATMs to 508.
Chairman informed the gathering 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 unbanked 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, "your Bank is well positioned to achieve the target of 100,000 Crore business, with 1,000-Crores 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. The meeting also approved the re-appointment of two Directors for the Bank's board namely, Mr. Mohammad Ibrahim Shahdad and Mr. Vikrant Kuthiala.
During the question answer session shareholders applauded the role of the bank and urged that bank should further the process of employment and industrial and trade promotion.
Addressing the meeting, which was attended by a large number of shareholders of the bank from different walks of life, Chairman and CEO Mushtaq Ahmad appreciated the share owners for their unflinching support saying, "The Bank is poised well 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."
Visibly composed to share his delight with shareholders he said, "The total business of `86,432 Crores and a Net Profit of `803.25 Crores is the highest ever posted by the Bank in its history.
"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."
This unprecedented growth across all the spheres is on account of Bank's sheer resilience and fundamental strength, he added.
Expanding its network across the state and beyond, the Bank has added 55 new Business Units (B.U) and 147 ATMs during the FY 2011-12, which shot up the number of B.Us to 603 and ATMs to 508.
Chairman informed the gathering 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 unbanked 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, "your Bank is well positioned to achieve the target of 100,000 Crore business, with 1,000-Crores 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. The meeting also approved the re-appointment of two Directors for the Bank's board namely, Mr. Mohammad Ibrahim Shahdad and Mr. Vikrant Kuthiala.
During the question answer session shareholders applauded the role of the bank and urged that bank should further the process of employment and industrial and trade promotion.