KCCI congratulates J&K Bank for doubling profits

SRINAGAR: The Kashmir Chamber of Commerce and Industry (KCCI) on Friday congratulated the management of the Jammu and Kashmir Bank Limited for registering an increase of 129 percent in their profits from last year showing an increase of more than double the previous year’s profits.
A KCCI spokesperson said that in view of the overall negative market sentiment prevailing throughout, it was an extraordinary effort from the management of the bank and deserved to be commended.
The spokesperson stated: “At the same time the hopes and expectations of the business community which has been under tremendous stress due to the disturbed conditions and especially after the 2014 floods also need to be addressed,” adding that although the bank had provided unmatched support and handholding so far “but the precarious condition of the state’s economy has not shown any improvement for reasons beyond the control of the bank and it’s borrowers”.
The spokesperson further said that now that the bank was in a stable position, it needed to play its role for providing solutions for revival of the economy of the state “which has always been deeply connected to and supported by the Jammu and Kashmir Bank”.