“Creating Values, Touching Lives”; J&K Bank holds 75th AGM

KL Report

Srinagar

State’s only listed company, J&K Bank  Saturday held the 75th Annual General Meeting (AGM) of its share holders which approved the payment of Platinum Jubilee dividend of 500 per cent  to the Bank’s share holders.AGM 01

Conducted in the Bank’s Platinum Jubilee year, the theme of AGM was “Realising Dreams: Enduring Partnerships, Business Sustainability and Inclusive Growth”.

At SKICC Srinagar, the Bank’s Chairman & CEO Mushtaq Ahmad addressed the AGM attended by a large gathering of share-holders. Principal Secretary to Chief Minister, Jammu and Kashmir B B Vyas represented the state government being the chief promoter and patron of Bank.

After welcoming the share-holders, he said, “This AGM is special. We are at the cusp of a momentous event in our journey – the completion of 75 years of our Bank’s incorporation. It is an occasion to celebrate what we have achieved during the last financial year and what we have attained over the years.”

“Today, J&K Bank is considered as one of the best in the country and consistently ranks among the top performers on all vital indicators. While these achievements enhance our confidence in our abilities, the core guiding philosophy remains the same: creating opportunities and touching lives in more ways than one. A Platinum Jubilee, I think, provides the relevant opportunity to reaffirm our commitment to our enduring values”, he added.

Sharing his satisfaction with the share-holders about achieving the business targets for FY 2012-13, he said, “We have not only achieved, but even surpassed our Rs 1, 00,000 Crores business target and Rs 1,000 Crore profit in the Platinum Jubilee year.”

Further he stated that a total of 82 business units were added taking the total number to 685 thereby increasing the Bank’s foot-print. Similarly, 105 new ATMs were added to take the total ATM network to 613 on 31st March, 2013.
Mobile banking services were also introduced to provide customers more accessibility and convenience, he said.

Responding to one of the queries from a share holder, Chairman & CEO said that one of the Bank’s main corporate goals was to create more and more employment opportunities in the state, direct as well as indirect, through expansion of business network.

“We should make a positive difference in the everyday lives of people through prompt financial intermediation and efficient service delivery. To ascertain this, we shall be conducting impact studies on a regular basis in future,” he added.

Company Secretary Abdul Majid Bhat read out the auditors’ report and business agenda of the meeting.
The AGM approved resolutions proposed by the shareholders according to the set procedural norms. Following approval of the shareholders Abdul Majid Mattu and Professor Nisar Ali were reappointed as the Directors on the Bank’s Board after their retirement by rotation.

During the question answer session shareholders applauded the role of the bank and made valuable suggestions to further build upon the achieved excellence.

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