SRINAGAR: JK Bank has announced a 215% dividend for its shareholders during its low-key 86th Annual General Meeting (AGM), held at the bank’s Corporate Headquarters in Srinagar. The AGM, themed Goals Met: Promises Kept, was chaired by the MD and CEO and attended by the bank’s board of directors, senior executives, and many shareholders. Several board directors also joined the meeting via video conferencing.
Principal Secretary to the Government (Finance Department) Santosh D Vaidya (IAS), representing the majority shareholder and promoter—JK Government—was present at the meeting. He praised the bank’s remarkable 86-year journey, emphasising the trust and goodwill it has earned in the region.
“In 86 years, the bank’s initial investment of Rs 5 lakh has grown to over Rs 10,000 crore, with its business now exceeding Rs 2 lakh crore. This growth is a testament to the shared efforts of all stakeholders, and I congratulate everyone involved,” said Vaidya.
He also highlighted the unique legacy of JK Bank, noting its status as a private-sector bank promoted by the public sector. “The bank has expanded its footprint with 25 per cent of its presence outside JK, while continuing to work closely with the government on various programs, from disbursing pensions to supporting farmers and entrepreneurs. This legacy is something we want to preserve in the years to come.”
Vaidya outlined five key expectations for the bank, beginning with a renewed focus on customer satisfaction. He urged the bank to stay attuned to the diverse needs of its growing customer base while improving its pricing and service quality. He also emphasized the importance of regulatory compliance, balance sheet optimization, cost efficiency, and technological advancements, advising the bank to bolster its fintech capabilities and enhance staff training.
Bank’s MD CEO Baldev Prakash expressed his gratitude to shareholders, announcing the 215 per cent dividend following JK Bank’s record-breaking performance in the fiscal year 2023-24. “Our gross revenue increased by 19 per cent year-on-year, reaching Rs 12,038 crore, and our net profit grew by 48 per cent year-on-year to Rs 1,767 crore—the highest in the bank’s history,” he stated.
Prakash also noted the special recognition JK Bank received from Prime Minister Narendra Modi and Union Finance Minister Nirmala Sitharaman. “Our turnaround story has garnered attention from across the banking ecosystem, with accolades and awards. The special mention by the Prime Minister in Srinagar and during a media interview, as well as the Finance Minister’s praise during the JK Budget speech, has elevated our brand and morale.”
Looking ahead, Prakash emphasised the bank’s commitment to customer-centricity, digital transformation, and sustainable growth. “We have automated several processes to meet evolving customer needs and upgraded our digital platforms to provide seamless banking solutions. Despite global market volatility, we are confident in continuing our growth story and becoming the bank of choice for every generation,” he added.
The AGM concluded with a question-and-answer session, during which Prakash and the board addressed shareholders’ concerns. The results of e-voting and the scrutinizer’s report will be available on the bank’s website in two working days.
Shareholders applauded the bank’s stellar performance, with many expressing their appreciation for the board, management, and staff’s efforts throughout the year.