J&K Bank hopeful to register profit during this FY: Chairman

Excelsior Correspondent

J&K Bank Chairman Parvez Ahmed during meeting in Srinagar on Monday.
J&K Bank Chairman Parvez Ahmed during meeting in Srinagar on Monday.

SRINAGAR, Apr 24: Owing to appreciable efforts and achievements of the management and the operation levels during past two quarters (October 2016 to March 2017) in recoveries, demonetization, digitization and restructuring of the local loan accounts, J&K Bank shall be able to reclaim its path of profitability during the current financial year (2017-18) only.
This was stated by Parvez Ahmed, Chairman and CEO of the bank while addressing top management team across the country here at corporate headquarters today.
Top Management including Executive Presidents, Vice presidents, Zonal Heads, IAPM Heads, Cluster Heads, Law Heads and other top functionaries of the bank had assembled here under the leadership of the Chairman and CEO, Parvez Ahmed, to take review of the performance of the bank in the last two quarters, especially in recovering bad debts from the defaulting borrowers. The meeting was also held to adopt Strategic Business Plan for the year 2017-18.
“Despite the fact that the past two quarters were highly stressful, the overall appreciable performance of the management and staff of the Bank helped us to broaden the vision in arriving at the Annual Business Plan for financial year 2017-18,” he said and further explaining that the strategy in authoring the document is to ensure the turnaround of the Bank within the already issued guidelines for the six quarters beginning October2016.
Chairman and CEO also expressed his complete faith in the consulting inputs from M/S Delloitte which will integrate BPR, IT intervention maximization, path to digitization, HR planning and other latest industry innovations with the current and future Business Plans which shall simultaneously ensure upgradation of systems and procedures.
The chairman and CEO on conclusion while announcing the adoption of presented Business Plan by strategy vertical of the bank with unanimous view of the top Management thanked the employees of the Bank for their exemplary efforts in dealing with the tough challenges. He conveyed an emotionally charged message by requesting them to repeat their act of putting in their every effort to see their organization out of the woods at the earliest back to the times of pride and glory.
Executive President and Head Strategy and Business Development, S S Sehgal, while releasing the details of the Business Plan said that the Bank aspires to achieve an increase of 23% in total business portfolio on March 31, 2018 with deposits up at 18% and advances scaling to 30% increase viz-a-viz the numbers as on March 31, 2017. He also highlighted that the NPA’s of the Bank will be brought down substantially to manageable levels.


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