Rs 122.85 Cr & Rs 7.92 Cr to J&K Admin 2024-25
Srinagar: Initiating the payment of dividend to shareholders, Managing Director and CEO J&K Bank Amitava Chatterjee Saturdaypresented two dividend cheques of Rs 122.85 Crore and Rs 7.92 Crore to the J&K Administration – the Bank’s promoter and major shareholder – for the Financial Year 2024-25.
The dividend cheques were handed over to Lieutenant Governor Manoj Sinha at Raj Bhawan.
Chief Secretary Atal Dulloo; Principal Secretary, Finance, Santosh D Vaidya; Principal Secretary to Lieutenant Governor Dr Mandeep K. Bhandari, and Mohammad Shafi Mir, Company Secretary J&K Bank were present on the occasion.
The dividend pay-out, which followed the Bank’s approval of 215% dividend at its 87th Annual General Meeting (AGM), underscores both the Bank’s financial strength and its pivotal role in supporting the region’s economic development.
The Lieutenant Governor congratulated the entire team of Jammu Kashmir Bank and urged the Bank to continue to drive substantial and sustained growth and serve the people with excellence.
The Lieutenant Governor said that J&K Bank should continue its focus on financial inclusion by connecting people and it should promote small and micro-enterprises for manufacturing and services. He also observed that J&K Bank had witnessed complete turnaround after 2019. The Bank was in loss of Rs. 1139 Crore in the year 2019-20, however, it was transformed and within 4 years it reported a profit of Rs. 1700 Crore in the year 2023-24.
Amitava Chatterjee, Managing Director and CEO, J&K Bank outlined the Bank’s performance and roadmap ahead. He reiterated the J&K Bank’s commitment to offering the best banking services while actively contributing to Mission YUVA for inclusive, equitable, and sustainable economic growth across J&K.
It was informed that J&K Bank has performed a hat-trick of historic earnings capped by its highest-ever net profit of Rs 2082 Cr in FY 2024-25.