SRINAGAR: At its 77th Annual General Meeting on Saturday, the J&K Bank appointed two new directors and announced a dividend of 210 per cent to its shareholders.
In a release issued here, the bank said its shareholders assembled at SK International Conference Centre here for the Annual General Meeting (AGM) at which the “two new directors were appointed and a dividend payment of 210 per cent to its share owners was approved”.
On part of the state, which is the bank’s major shareholder, Commissioner Secretary Finance Naveen Kumar Chaudhary participated in the meeting.
In his keynote address the bank’s Chairman and CEO, Mushtaq Ahmad, thanked the shareholders for their “continued support in one of the most challenging years in recent times”.
“Throughout the year we were confronted with numerous impediments and uncertainties. However, with your unwavering support, we succeeded in navigating safely through this turbulence,” he said.
He recollected the “disproportionately sharp increase” in stressed assets in the Indian Banking System and the situation created by the devastating floods of September 2014 in J&K as the “most daunting challenges” of the last financial year.
“FY 2014-15 witnessed unprecedented floods in J&K state. It caused devastation of colossal magnitude in its wake. Our own infrastructure was badly hit and our operations within the state went out of gear. We not only brought things back on track within a week’s time but also contributed immensely towards the comprehensive relief and rehabilitation of the flood affected people,” he said.
“These activities were undertaken under the Corporate Social Responsibility (CSR) Project of the bank,” he said.
Assuring the shareholders, he said: “The Q1 results for the year FY2015-16 are largely in line with our expectations as is manifested by an increase of 22 per cent in net profit. Going ahead, we expect significant improvement in our net income and asset quality.”
He said the future appears “promising”, and that all the vital parameters indicate a “favorable operating environment” in the near as well as the medium term.
“With your continued support, we remain poised to harness the conditions and achieve newer heights,” he told the audience.
About the zonal reorganisation in J&K, he said the bank has undertaken a “major reorganisation” of its Zonal set-up in the state by setting up four additional business zones.
This step, he said, was necessitated by a “manifold increase in business and geographical spread” of the bank and also the “increased competitiveness” in the industry.
“I believe this step shall infuse operational efficiency and will be of great benefit to our customers,” he said.
He said the focus of the bank shall be on “simplifying” the current technological solutions to provide “easy, comprehensive and better” financial products that can serve “diverse spectrum, ranging from elite groups to underprivileged strata, of our society”.
Later, the Chairman and CEO Mushtaq Ahmad declared the e-voting results in which resolutions were approved by the shareholders. All the resolutions were approved by vast majority of the votes, the bank said.
As per the resolutions, Abdul Majid Mir and Azhar ul Amin were appointed as directors, while as M Ibrahim Shahdad retired from the board as per the rules.
Mir is former Executive Director of the bank who also functioned as its Chief Financial Officer (CFO).