Jammu & Kashmir Bank has demonstrated a remarkable financial turnaround, as evidenced by its recent dividend payout to the Union Territory (UT) administration. CEO Amitava Chatterjee presented dividend cheques totaling Rs 130.77 crore to Lieutenant Governor Manoj Sinha at Raj Bhawan.

Dividend Details

The dividend payment consisted of two cheques:

• Rs 122.85 crore
• Rs 7.92 crore

This payout represents a substantial 215 percent dividend, which was approved at the bank's 87th Annual General Meeting. The UT administration, serving as the bank's promoter and major shareholder, is the recipient of this significant dividend.

Impressive Financial Turnaround

Lieutenant Governor Sinha highlighted the bank's remarkable transformation:

This turnaround showcases the bank's improved financial health and operational efficiency over the past few years.

Bank's Role in Economic Development

The Lieutenant Governor emphasized Jammu & Kashmir Bank's crucial role in:

1. Promoting financial inclusion
2. Supporting small enterprises

These efforts align with the UT's broader economic development goals.

Future Commitments

CEO Amitava Chatterjee reaffirmed the bank's dedication to:

• Providing quality banking services
• Contributing to Mission YUVA
• Fostering economic growth across the Union Territory

The bank's commitment to these areas is expected to further solidify its position as a key player in the region's financial landscape.

This dividend payout and the bank's overall performance reflect positively on its financial health and its importance to the Union Territory's economy. As Jammu & Kashmir Bank continues to support local enterprises and drive financial inclusion, it is poised to play a pivotal role in the economic development of Jammu and Kashmir.

Jammu & Kashmir Bank Limited held its 87th Annual General Meeting (AGM) on August 26, where shareholders approved several key resolutions and the bank reported robust financial results for the fiscal year.

Financial Highlights

• Net profit rose 18% to ₹2,082.46 crores, up from ₹1,767.27 crores in the previous year.
• Total income increased to ₹13,672.67 crores from ₹12,037.85 crores.
• Asset quality improved with gross NPA ratio declining to 3.37% from 4.08%.
• Net NPA ratio remained stable at 0.79%.
• Capital adequacy ratio strengthened to 16.29% from 15.33%.
• Provision coverage ratio improved to 90.29%.

Key AGM Resolutions

Shareholders approved the following resolutions at the AGM:

1. Adoption of audited standalone and consolidated financial statements.
2. Declaration of dividend of ₹2.15 per share.
3. Re-appointment of Dr. Pawan Kotwal and Dr. Mandeep K Bhandari as rotational directors.
4. Fixation of remuneration for statutory auditors.
5. Appointment of M/s D K Pandoh & Associates as secretarial auditors for a five-year term.

Management Commentary

Amit Chatterjee, Managing Director & CEO, stated, "The bank has delivered strong financial performance, with significant improvements in profitability, asset quality, and capital position. We remain committed to enhancing shareholder value and contributing to the economic growth of Jammu and Kashmir and Ladakh."

Other Notable Developments

• The bank identified 35 fresh fraud cases involving ₹198.15 crores during the year.
• NPAs worth ₹15.27 crores were transferred to asset reconstruction companies.
• The bank received an unmodified audit opinion for its financial statements.

Jammu and Kashmir Bank continues to demonstrate resilience and growth, maintaining its position as a key financial institution in the region. The strong financial results and shareholder approval of key resolutions reflect the bank's positive trajectory and stakeholder confidence.