Srinagar: J&K Bank has announced a 215% dividend for its shareholders during its 86th Annual General Meeting (AGM) at its Corporate Headquarters.
MD & CEO Baldev Prakash chaired the AGM, themed ‘Goals Met: Promises Kept,’ in the presence of Principal Secretary to Government (Finance Department) Santosh D Vaidya (IAS), who represented the majority shareholder, the J&K UT Government. A few board directors joined the meeting via video conferencing. Principal Secretary Vaidya commended the Bank’s 86-year journey, stating, “From an initial investment of Rs 5 lakh, which has grown to more than Rs 10,000 crore today, the Bank’s business has increased to over Rs 2 lakh crore. Despite the ups and downs over these 86 years, we have stayed united and enhanced the Bank’s value. I congratulate all stakeholders, shareholders, and institutional investors.”
He praised the Bank’s staff for their commitment and the board of directors for their guidance. “The goodwill and trust earned by the Bank is a remarkable achievement,” Vaidya said. “This goodwill and trust are the forte of J&K Bank, and it is what the board and shareholders wish to preserve.” Vaidya highlighted the Bank’s unique legacy, noting its public sector promotion and private sector classification. He emphasized the Bank’s contributions, including extending credit, disbursing pensions and salaries, and supporting farmers, entrepreneurs, and the common people in J&K. He also noted the Bank’s 25% geographical presence outside the state as a significant achievement. He outlined five key expectations for the Bank: Customer Focus—the Bank should enhance its services to meet the growing choices of consumers, ensuring better pricing and quality; Regulatory Compliance—maintaining regulatory and capital adequacy standards; Balance Sheet Optimization—improving asset quality and cost efficiency; and Technology—despite its good performance, the Bank should enhance fintech capabilities, educate consumers on secure technology use, and upskill staff.
MD & CEO Baldev Prakash began his address by thanking shareholders for their support. He announced a dividend of ₹2.15 per equity share for FY 2023-24, driven by a 19% increase in gross revenue to ₹12,038 crores and a 48% rise in net profit to ₹1,767 crore, the highest in the Bank’s history. Prakash highlighted the Bank’s recognition by the Prime Minister and Finance Minister. “The turnaround story of the Bank has been acknowledged by the Prime Minister during his public address in Srinagar and in an interview with a prominent media channel. The Finance Minister also referred to the Bank’s success in her J&K Budget Speech. This recognition has elevated our brand image and morale, but it also comes with added responsibility.” He added, “This phenomenal growth is a testament to our perseverance, resilience, and strategic planning. We are transforming into an agile, efficient, tech-driven, and digitally enabled Bank to thrive in a competitive environment. We are on course to become the bank of choice for every generation.” Prakash emphasized that the Bank’s success is intertwined with its customers’ success. The Bank has automated several processes to meet evolving customer needs and upgraded its digital platforms to provide seamless banking solutions.
The Company Secretary Mohammad Shafi Mir read out the Auditor’s Report, Secretarial Audit Report, and provided a background on each business item to be transacted at the AGM. He also informed that the results of e-voting and the scrutinizer’s report would be available on the Bank’s and stock exchanges’ websites within two working days. Shareholders praised the Bank’s performance for FY 2023-24, with a group of them noting, “The Bank’s Board, management, and staff have delivered stellar performance and truly deserve our appreciation.”
The meeting concluded with a Q&A session, where MD & CEO Baldev Prakash and the directors responded to various questions from shareholders.
