Mushtaq Presents Dividend Cheques Of Rs 85.34 Crore To CM

KL Report


Chairman Jammu and Kashmir Bank, Mushtaq Ahmad on Thursday presented two cheques worth over Rs 85.34 crores to Chief Minister, Omar Abdullah as dividends to the State Government which holds about 53 percent shares in the Jammu and Kashmir Bank.

Present on the occasion were Minister for Finance, Abdul Rahim Rather, Economic Advisor to Government, Jaleel Ahmad Khan, Financial Commissioner Finance, Mohammad Iqbal Khandey, Principal Secretary to the Chief Minister, B. B. Vyas and senior officers of Jammu and Kashmir Bank.

The Chairman J&K Bank said that the Bank is poised for attaining Rs. 1000 crore profit by the end of current fiscal and its business is likely to touch Rs. 100,000 crores in the same period. He said that the Bank has exhibited growth of 41.98 percent since 30th September 2010 to 2012 September end in its deposits while the growth in advances has been at 75.7 percent during the same period. He said that growth in CD ratio is expected to be 109.40 percent by the end of current financial year when it stood at 63.96 percent in 2010.

Mushtaq Ahmad also said that the number of Bank branches has gone up from 529 in September 2010 to 662 by the end of last fiscal. He said the Bank has financed 1148 units established under SKEWPY besides providing finances to 5767 artisans. He said the Bank has opened 133 new branches and 269 ATMs since September 2010 and has a plan of opening more 100 new branches and 150 ATMs by the end of current financial year.


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