Bank all set to take leadership role in co-operative sector: Chairman
SRINAGAR: J & K State Cooperative Bank has released its annual results for FY 18-19. While commenting on the results, Chairman of the Bank, M S Dar expressed satisfaction on the results, terming them “in line with the path of growth as envisioned by the management”.
According to an official release, total business of the bank has reached a record level showing a growth of about 15% YoY basis. “The quality of deposits as defined by cost has shown a consistent improvement. The CASA of the bank has reached 45%,” it read.
Improvement in the asset quality has been remarkable. Net NPA has been slashed to 1.69% from 2.65% compared to FY 17-18.
The primary indicator of the health of a bank, CRAR has reached 12.5% against a statutory requirement of 9%.
Chairman, M S Dar said that the bank has adopted flexibility and applicability, both in terms of strategy and operations, to achieve long term goals. Dar further said that the fundamentals of the bank have been strengthened and improved to such a level that “the bank can now compete with any commercial bank”.
He said, “Being an apex bank, we are morally bound to work for the revival of the co-operative sector especially credit institutions and with the strengthening of our financial parameters, we are all poised to take a leadership role in this regard,” adding that the consistent growth has given the bank a foothold and “we can now expand foot prints across the state”. The bank has already started a business unit at Narwal Jammu. Dar expressed full faith in his team and hoped that the bank will maintain its consistency in realising the targets.
Managing Director, M Latief, said that the bank has almost doubled its operating profits and that he was hopeful that the bank would sustain the growth rate.
Latief said that the main focus of the bank has been to reduce its NPA level and arrest any major slippage, adding that the bank was highly indebted to Secretary Cooperatives, Abdul Majeed Bhat and Registrar Co-operatives, M M Ghassi for their support and guidance in achieving goals.
Lateif also hailed the role of regional office NABARD for its support especially, in financial literacy programmes and technology adoption initiatives.
Expressing gratitude towards the customers of the bank, he said “all the employees of the bank have worked tirelessly to put the bank on the pedestal of stability and sustainability and turning it into a significant financial entity in the state”, the release added.