Recently conferred with ‘Manager of the Year’ award at Europe Business Assembly in London, Mushtaq Ahmad has been awarded second term in office as head of Jammu and Kashmir Bank. His tenure as chairman and chief executive officer of the bank has been extended by the Reserve Bank of India (RBI) recently for a period of three years. The extended term will be effective from October 6, 2013.
“As per the communication dated September 17, 2013 from RBI, he (Ahmad) will continue to head the institution for next three years,” spokesman of J&K Bank informed.
Acknowledging the successful blend of his specialized knowledge with practical experience as “prudent” banker in all the critical fields of contemporary banking, Ahmad was first appointed as Chairman and CEO of the bank in October 2010.
Earlier this month J&K chief minister Omar Abdullah had requested the banking regulator to allow Ahmad to continue as the chairman and chief executive of the bank for a second term. “The extension of his tenure will remove uncertainty over the bank’s leadership and ensure its smooth functioning,” Abdullah had said.
Ahmad joined the bank, where the state government owns 53.17% stake, as a probationary officer in 1972. He was appointed as the chairman and chief executive of J&K Bank for a period of three years in October, 2010.
Under his leadership J&K Bank had begun its much delayed expansion plan, improved its earnings and asset quality. In 2012-13, the bank registered its highest ever net profit of Rs 1,055 crore and allowed the board to recommend a record dividend of 500% for the year. The return on average net worth improved to 23.56% while earnings per share increased to Rs 217.64 at the end of last financial year.
Mushtaq Ahmad has a distinguishing career of 36 years as a practical banker. His personal progression has been a vital and contributing element of the unfolding success story of J&K Bank for more than three decades.
During his career he has worked on the most significant positions in the bank with a missionary zeal and sense of purpose. Ahmad has been a director of J&K Bank since October 2010. He has previously served as an Additional Director and Executive President of Bank.
He has been a leading figure in the Bank’s Credit, Risk Management, Strategy and Business Development.