J&K Bank Initiates Dividend Payments After Seven Years, Presents Cheques Worth Rs 30.41 Crores

VoM News Desk | September 16, 2023 | 01:33 AM IST | Jammu Kashmir |

J&K Bank Initiates Dividend Payments After Seven Years, Presents Cheques Worth Rs 30.41 Crores. Image/VoM

Dividend Payment After Seven Years

In a significant move, the Managing Director & CEO of Jammu and Kashmir Bank, Baldev Prakash, initiated the payment of dividends to shareholders, marking the first such payout in seven years. During the ceremony, he presented two dividend cheques totaling Rs 30.41 crores to the J&K Government, the bank’s promoter and major shareholder.

Dividend Cheque Presentation

MD & CEO Baldev Prakash handed over these dividend cheques for the fiscal year 2022-23 to Lieutenant Governor Manoj Sinha. The event took place in the presence of Chief Secretary Dr. Arun Kumar Mehta, Principal Secretary to Government (Finance Department) Santosh D Vaidya, Principal Secretary to Lieutenant Governor Dr. M K Bhandari, and the Bank’s General Manager (Government Business) Syed Rais Maqbool. At its 85th Annual General Meeting (AGM), the bank approved a 50% dividend for the financial year 2022-23.

Recognizing the Bank’s Performance

During the event, Lieutenant Governor Manoj Sinha commended J&K Bank for its recent performance and acknowledged the bank’s significant contribution to the financial empowerment of people. He highlighted the bank’s crucial role in the economic development of Jammu and Kashmir and expressed confidence in its continued success. With the bank achieving its highest-ever profit of Rs 1197 crore in the last fiscal year, the Lieutenant Governor expects the institution to maintain its success while providing exceptional banking services and furthering financial empowerment in the region.

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The Bank’s Role in Empowerment

Chief Secretary Dr. Arun Kumar Mehta also praised J&K Bank for its role in promoting self-employment opportunities in the region. He noted the sustained growth in the bank’s share price, which now trades above Rs 100, as a positive sign for investors.

Bank’s Commitment to Growth

MD & CEO Baldev Prakash expressed gratitude to the Union Territory Government, led by Lieutenant Governor Manoj Sinha, for their support and guidance. He offered an overview of the bank’s performance and outlined its future plans. He emphasized the bank’s commitment to providing top-notch banking services to the people while working diligently towards realizing the Union Territory Government’s mission of inclusive, equitable, and sustainable economic growth in Jammu and Kashmir.

Impressive Share Price Performance

In line with its recent bullish trend, the bank’s share price closed at Rs 104.60 on the same day, marking a remarkable 214% return for its investors over the past year.

VoM News Desk

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