J&K Bank contributed over 92 pc of employment benefits to 92,000 youth of J&K: MD & CEO

STATE TIMES NEWS

Jammu: Highlighting J&K Bank’s contribution in alleviating unemployment in J&K, J&K Bank MD & CEO Baldev Prakash said, “Bank’s huge and ongoing financial intervention in J&K was evident recently when out of all the Banks operating in the UT, J&K Bank contributed over 92 per cent of the employment benefits to 92000 youth of J&K during the UT Government’s flagship programs titles Back to Village (B2V-4) and My Town My Pride (MTMP-2).”
Buoyed by clocking highest ever profit of Rs 1197 crores in the Bank’s history, J&K Bank MD & CEO Baldev Prakash today interacted with media at Bank’s Zonal Office, here.
J&K Bank MD & CEO was flanked by Bank’s Executive Director Sudhir Gupta, Divisional Head (General Manager) Sunit Kumar and General Manager Government Business Syed Rais Maqbool.
While expressing gratitude to the media for their continued support, Baldev Prakash told the gathering, “Your media platforms have always played a pivotal role in highlighting Bank’s iconic role in economic and social empowerment of J&K.”
Explaining the ever improving & historic balance sheet, he said, “As you know we have achieved historic numbers in our recently declared annual results. With highest ever annual profit of Rs. 1197 Cr, decade high CRAR of 15.39 per cent and eight-year lowest GNPA at 6 per cent, we have met market expectations and honoured the trust reposed in us by all our stakeholders. And ail credit for these transformational results goes to my team across verticals who planned, executed and achieved these numbers.”
While replying to a question on the bank’s business process in the bank, MD & CEO said, “For last five quarters, since I assumed the responsibility, our focus has remained on devising and executing the Bank’s strategies in the fast changing market scenario aiming at business growth, functional excellence and improved corporate governance. Actually, it all began with a plan that was deliberated and discussed thoroughly in the Bank’s first Strategy Conclave last year and today we have just concluded the 3rd chapter of Strategy Conclave where-we discussed, deliberated and devised strategies for growth across the segments. The idea is to democratize the thinking process by making it broad based and more inclusive through a vibrant and updated discussion forum at these conclaves.”
MD & CEO further said, “Simultaneously, we have initiated Business Process Re-engineering and took various measures to align the Bank’s daily-functioning with business plan and the devised strategy. We also engaged with our customers proactively and after their feedback took steps to improve client-service which helped in fostering growth.”
With a focus on improving customer service through latest digital intervention, MD & CEO said, “In essence we are trying to strike a balance between digital presence and physical relevance. Bank is set out on to a transformational drive that will accelerate business growth while enhancing customer experience and adding delight to their digital journeys. Towards this end we are making rapid advances in becoming a tech-bank by adapting to best global practices and investing in advanced technologies from Open Banking API, STP Platform, WhatsApp Banking and Cloud Adoption to Al and ML Based Analytics to drive innovation and improve business outcomes.”
He informed the media that strategies put in place in last year or so have started to fructify attested by never seen before profit and bolstering key parameters asset quality, compliance & customer service.
“With a view to extend benefits of such record breaking numbers, Banks Board of Directors have recommended Dividend at 50 per cent of the Face Value of shares for all the Banks investors. Notably, the Bank had paid the last dividend to its shareholders for FY’2016. This is happening after seven long years, “he announced.
“When we say, Aap Ka Apna Bank , we are carrying forward the vision of founder of the Bank Maharaja Hari Singh, it remains the harbinger of financial empowerment since 1938. Today, we all should feel satisfied to say that we are trying our best to live the dream of Maharaja along with all other visionaries that while serving every section and almost every household of the UT of J&K & Ladakh; the Bank has achieved highest ever profit along with some best growth numbers.”
Pertinently, he said, that Bank was also fast growing in rest of the country as well.
“Our loan growth in ROl for the FY 2022-23 was 20% thereby making up 32% of our total loanbook,” he said.
He assured that Bank would continue to support to entrepreneurs, businesses through innovative financial products and government schemes tailored to empower youth while ensuring ease of banking through our upgraded digital and alternate channels.
“The weaker and marginalized sections of society shall also be taken care of through our effective GSR interventions,” he said while requesting media to play positive role in economic empowerment of J&K.