Srinagar, Sep 15: Initiating the payment of dividend to share-holders of J&K Bank after seven years, MD & CEO Baldev Prakash Friday presented two cheques worth Rs 28.57 Cr and Rs 1.84 Cr to J&K Government, its promoter and major share-holder.
MD & CEO handed over the dividend cheques for the FY 2022-23 to Lieutenant Governor Manoj Sinha in presence of Chief Secretary Dr Arun Kumar Mehta, Principal Secretary to Government (Finance Department) Santosh D Vaidya, Principal Secretary to Lt. Governor Dr M K Bhandari and Bank’s General Manager (Government Business) Syed Rais Maqbool. Pertinently, the Bank approved 50% dividend for the financial year 2022-23 at its 85th AGM.
While lauding J&K Bank for its recent performance on the occasion, Lt. Governor Manoj Sinha also appreciated the Bank for its major contribution in the financial empowerment of people besides the critical role in the economic development of Jammu and Kashmir. He further said, “J&K Bank has performed well during the last financial year as is evident from its highest-ever profit of Rs 1197 Cr, and we expect it to continue its flight of success while extending best banking services and empowering people financially in coming times.”
Present on the occasion, Chief Secretary Dr Arun Kumar Mehta commended the Bank for its role towards saturation of self-employment in J&K. Expressing pleasure over the sustained surge in Bank’s share price, he said, “With most of its financial parameters improving during last many quarters, it is quite a comforting sign for investors to see the Bank’s shares trading above Rs 100.”
Earlier, MD & CEO Baldev Prakash thanked the UT Government led by LG Manoj Sinha for support, guidance and gave a brief overview of the Bank’s performance and future plans. “Backed by the continued support and guidance of the UT Government, we are mostly on trajectory to achieve our annual targets. We remain committed to provide best banking services to the people while working diligently towards realizing the UT Government’s mission of Inclusive, equitable and sustainable economic growth in J&K”, he said.
Meanwhile, continuing its bullish trend the Bank’s share-price today closed at Rs 104.60, thereby earning 214% in returns for its investors during the last one year.