Jammu and Kashmir Bank on Friday presented dividend cheques worth over Rs 30 crore to the Union Territory government, initiating the payment of dividend to its shareholders after seven years.
MD and CEO Baldev Prakash presented two cheques worth Rs 28.57 crore and Rs 1.84 crore to the Jammu and Kashmir government, its promoter and major shareholder, an official spokesman said.
The MD and CEO handed over the dividend cheques for the FY23 to Lieutenant Governor Manoj Sinha.
The bank approved 50 per cent dividend for FY23 at its 85th annual general meeting.
Lt. Governor Sinha also appreciated the bank for its major contribution to the financial empowerment of people and the economic development of Jammu and Kashmir.
“J&K Bank has performed well during the last financial year as is evident from its highest-ever profit of Rs 1,197 crore, and we expect it to continue its flight of success while extending best banking services and empowering people financially in coming times,” Sinha said.
Prakash thanked the UT government, saying: “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.”
The bank’s share closed 1.48 per cent up at Rs 104.54 apiece on Friday on the BSE.
The stock has earned 214 per cent in returns for its investors during the last one year.
