Registers highest ever quarterly profit of Rs 315.75 cr
JAMMU, July 16: Chairman and Managing Director (CMD) of Jammu and Kashmir Bank R K Chhibber today said that the Bank has recorded a significantly improved performance on most financial parameters despite all the odds and adversities.
Chhibber claimed that the Bank registered highest ever quarterly profit of Rs 315.75 crore over last 7 years, restricted slippages for the Financial Year 2021 to below Rs 1000 crore despite getting a brief window after revocation of the asset classification restraint order by the Supreme Court and controlled gross NPAs below 10 % and net NPAs below 3%.
“The Bank recorded respectable double digit growth in business in the UTs of J&K and Ladakh, comfortable provision coverage ratio of 81.97 % and maintained NIM above 3.50 % threshold despite squeeze on margins,” he added. Chhibber said it was a year of global pandemic and resultant lockdowns which threw the economies across the globe into recession but facing all odds, the Bank gave wonderful quarterly results.
The CMD further claimed that the Bank has greatly improved on corporate governance standards with a professional full strength Board of Directors comprising eminent persons with expertise in multiple disciplines, introduction of RTI, adoption of CVC guidelines, appointment of an internal ombudsman to quote a few.
Chhibber said, “We have always championed the essential role of banking, especially in our stronghold i.e. J&K and Ladakh for bringing people together, for enabling companies and individuals to reach for their dreams and for being a source to fall back upon in difficult times”.
He said besides extending all the relief measures as envisaged under regulatory guidelines, the Bank proactively devised and passed on various tailor-made schemes and products, enabling its customers to tide over the situational liquidity issues and support survival of their operations.
“We recognize the enormous responsibility that we have to perform for our customers and shareholders. We are sure that our relentless efforts to build upon our already strong fundamentals shall prove to be a value proposition for the investors, both in the short as well as long run,” the CMD asserted.