MAZAFAR ABAD (AJK) ( WEB DESK )
The Board of Directors of the Bank of Azad Jammu and Kashmir held its 50th meeting under the chairmanship of Dr. Shahzad Khan Bangash, Chief Secretary Government of Azad Jammu and Kashmir and Chairman of the Board.
The meeting was attended by BAJK Directors, Mr. Fayyaz Ali Abbasi Senior Member Board of Revenue, Mr. Asmatullah Shah Secretary Finance, Syed Zahoor-ul Hassan Gilani Secretary Forest, Mr. Muhammad Ahsen Secretary Industries, Mr. Ejaz Hussain Rathore Chartered Accountant, Raja Mumtaz Ali Senior Banker, Mr. Naveed Sadiq Renowned Businessman besides Mr. Maazullah Khan Company Secretary.
President/CEO Mr. Khawar Saeed briefed the Board on performance and strategy of the Bank to march forward. The Board reviewed the financial position of the Bank and showed its satisfaction over the performance and growth in all operational areas of the Bank and approved 9 months accounts for the period ended September 30, 2020.
Bank of Azad Jammu and Kashmir has earned record profit in the first three quarters of the year 2020 which reflects its unprecedented performance. Deposits and foreign inward remittances are yet other areas where the Bank has also registered remarkable growth. The equity price has witnessed appreciation by 183%.
According to the details, the Bank has earned Rs. 82 million profit during first 9 months of year 2019, as compared to Rs. 243 million during the corresponding period of the year 2020, which in percentage terms depicts tremendous growth of 196%. The Bank also performed excellently in other areas, for instance, there was a 17% increase in Banks’ deposits during the first 9 months of the year 2020 over the corresponding period of previous year. Home Remittances increased by 211% in the same period. Similarly, the value of Bank’s share as on September 2019 was Rs.0.4 which was increased to Rs. 1.13 at the end of September 2020. The phenomenal growth is again the hallmark of the year 2020. In percentage terms, the growth in the value of Banks’ shares jumped to 183%.
The Chairman emphasized the need to work with more dedication and devotion to further improve the profitability and image of the Bank. He said that the Bank of Azad Jammu and Kashmir is committed to serve its valued customers and other stakeholders with renewed dedication all the time with provision of quality services and innovative products.