Srinagar, July 9: Jammu and Kashmir Bank today announced an all time high dividend of 260 per cent to its shareholders.
The dividend of Rs 26 per share was approved at the 73rd Annual General Meeting of the banks shareholders, said a bank spokesperson.
While addressing the meeting, the bank Chairman Mushtaq Ahmad said, “J&K Bank is emerging as a stronger bank with sound fundamentals. The bank has set an ambitious target for garnering a business of Rs 100,000 Crores with a net profit of Rs 1,000 Crores by March 2013.”
Ahmad said the achievement of this important milestone is planned to coincide with the Platinum Jubilee celebrations of the Bank in 2013.
Gearing up for the next phase of growth through various initiatives, the Chairman said plans for large-scale increase in branch network, especially in unbanked and under-banked areas in the state and at all important commercial centres of the country were already drawn.
Stressing upon transformative effects of technology on services, he said, “The proliferation of technology has revolutionised every sector, including banking. It shall be our endeavour to intensify our efforts aimed at providing the best quality services to our customers through optimum and appropriate use of technology.”
The J&K Bank posted record net profit of Rs 615.20 crores for the financial year 2010-11 against net profit of Rs 512.38 crores for the previous year, a growth of 20 per cent. The Chairman said the policies of the Bank would be aimed at socio economic development of the state by active participation in financing employment generation and poverty alleviation programmes of the state government.
The Bank has taken a lead role in implementing the Sher-i-Kashmir Employment and Welfare Programme for Youth (SKEWPY) promoted by the State Government, he added. PTI