J-K Bank biz rises by 25 pc in H1 FY'12

Srinagar: The business of Jammu and Kashmir Bank has increased by 25 per cent during the first two quarters of the current fiscal compared to corresponding period last year.

"As against last half year's business of Rs 60,000 crore, the Bank has achieved over Rs 75,000 crore during the corresponding period this year, registering an overall growth of about 25 percent," Jammu and Kashmir Bank Chairman Mushtaq Ahmad said at a meeting chaired by Chief Minister Omar Abdullah.

The Bank chairman presented two dividend cheques worth Rs 67 crore to Omar as the share of the State Government, which is majority stake holder in the bank.

Ahmad said during the current financial year the Bank expects to mobilize business aggregating to Rs 85,000 crore while the target for the next financial year has been fixed at Rs 1,00,000 crores.

Similarly, the profit of the Bank is likely to grow from current year¿s Rs 800 crore to Rs 1,000 crore in 2012-13 while it stood at Rs 615 crore for the last year, he said.

Jammu and Kashmir Bank alone has provided over Rs 600 crore credit through its more than 400 rural branches in the State in the first quarter of the year 2011-12.

"This is 70 per cent of the total credit provided by the banking system," he said.

Addressing the meeting, the Chief Minister asked the Bank to walk and extra mile in supporting the State to reorient rural development and enhance economic activities for the youth.

"While we appreciate your performance in extending hand for growth and development of the business in the State, we would like you to walk an extra mile in this direction and facilitate budding entrepreneurs and qualified youth to venture upon in industrial and other sectors for earning their livelihood," he said.

Describing Jammu and Kashmir Bank people's bank, Omar said people in the State for this reason have rightful expectations that the Bank would focus greater attention towards smooth credit flow to help generation of wide-ranging economic activities.

"Your role in reorientation of rural economy is significant and we would like you to deliver on this count more positively and willingly," he said.

The Chief Minister asked the Bank to fill up the vacancies regularly to avoid any vacuum in the availability of proper human resource which is imperative for up to the mark performance and functioning of the Bank.

Source: Financial Express