Srinagar, Aug 17: J&K Bank today announced 215 percent dividend for shareholders during 86th Annual General Meeting (AGM) held here at its Corporate Headquarters.
MD & CEO Baldev Prakash chaired the AGM – themed ‘Goals Met: Promises Kept’- in presence of Bank’s Directors-on-Board including Principal Secretary to Government (Finance Department) Santosh D Vaidya (IAS) – representing majority share-holder and promoter i.e. J&K UT Government. Couple of Bank’s board-directors joined the meeting through video conferencing.
Besides a large number of valuable shareholders, the meeting was also attended by the Bank’s Executive Director Sudhir Gupta, General Managers, Deputy General Managers, Company Secretary, Chief Financial Officer, other senior officers besides members from media fraternity.
Speaking on the occasion, Principal Secretary Santosh D Vaidya commended all the stakeholders of the Bank for its eventful journey of 86 years. He stated, “From the initial investment of Rs 5 Lacs, which has grown to more than Rs 10000 Cr today, the Bank’s own business has increased to over Rs 2 Lac Cr. While seeing the ups and downs during these 86 years, we have stayed together and increased the value of the Bank. So I take this opportunity to congratulate all the stakeholders, the shareholders and institutional investors.”
Highlighting that the goodwill and trust earned by the Bank was a remarkable achievement, he said, “Throughout these years we have seen one remarkable achievement, which is the goodwill and trust the bank has earned in J&K. This goodwill and trust are the forte of J&K Bank. And that is what the board of directors and shareholders would like it to preserve in years to come.”
On the occasion, he also listed five expectations, which he said, the board of directors and shareholders have from the Bank. “As we cross this milestone of 86 years, we would like the Bank to focus on these areas beginning with customer focus,” he said.
However, he advised the bank to improve upon its fintech capabilities. “The bank should continue to educate its consumers about the secure use of its technology platforms to protect them from cyber and other frauds. Also the upskilling of staff must keep pace with the growing use of its technology platforms”, he further added.
Earlier, the Bank’s MD & CEO Baldev Prakash began his address by extending his heartfelt gratitude to all the shareholders for their unwavering support and trust in the Institution.
Expressing his pleasure to announce 215 pc dividend for the shareholders of the Bank after the outstanding financial results for fiscal 2023-24, MD & CEO Baldev Prakash said, “Following the exceptional results and record-breaking performance in FY 2023-24, I am happy to announce that the Board of Directors of your Bank has recommended a dividend of ₹2.15 per equity share for the financial year 2023-24.
“The theme for our Annual Report for this year, ‘Goals Met-Promises Kept’, aptly encapsulates our commitment to deliver on our promises. Our gross revenue has increased by 19% YoY reaching to ₹12038 Crores and our net profit grew by 48% YoY, standing at ₹1767 Cr, the highest ever in Bank’s history”, he added.
On the occasion, MD & CEO highlighted the special mention of the Bank by the country’s Prime Minister and the Union Finance Minister. He said, “The turnaround story of the Bank has hogged the limelight and was being acknowledged by various players in banking ecosystem in the form of accolades and awards conferred on the Bank. However, the icing on the cake is the special mention and admiration of the Bank’s turnaround and success story by none other than the Honourable Prime Minister during his public address at Srinagar and subsequently in an interview with a prominent media channel .”
“Even the Honourable Finance Minister, in her J&K Budget Speech referred to the Banks turnaround as a success story. The admiration and acknowledgement of this order has highly elevated our brand image and morale on the one hand, but it also comes with added responsibility to ensure that we have to keep this emblem high and flying “, he stated.
The meeting concluded with a question-answer session, wherein MD & CEO Baldev Prakash along with the directors listened to a range of questions from shareholders and responded in detail to every query.
