Despite pandemic, JK Bank records improved performance in FY 2021: Chibber

Jammu and Kashmir Bank Chairman R K Chibber said that by every measure, FY 2021 was an extraordinary year- a year of global pandemic which necessitated unprecedented lockdowns and in-turn threw the economies across the globe into recession.

“lt was a year in which each of us faced difficult personal challenges and a staggering number of us lost our loved ones.”

He further said despite getting a brief window after revocation of the asset classification restraint order by the Supreme Court, the bank controlled gross NPAs below 10% and net NPAs below 3%, comfortable provision coverage ratio of 81 .97%, a robust liability franchise with industry best CASA of 56.84%, respectable double digit growth in business in the UTs of J&K and Ladakh, maintaining NIM above 3.50% threshold despite squeeze on margins, et all.

Chibber said the Bank maintained its focus on business continuity, strictly adhering to the protocols and prescribed SOPs to ensure safety of employees as well as customers.

“Looking back, I feel proud of what our committed team of employees and the institution as a whole achieved, individually as well as collectively.”

"We have always championed the essential role of banking, especially in our stronghold i.e. J&K and Ladakh for bringing people together, for enabling companies and individuals to reach for their dreams, and for being a source to fall back upon in difficult times.”

The Bank Chairman said despite extending all the relief measures as envisaged under regulatory guidelines, the bank proactively devised and passed on various tailor-made schemes and products, enabling our customers to tide over the situational liquidity issues and support survival of their operations.

“As I look back on the last two years - starting from my time as CMD of the Bank from June 2019 - it is remarkable how much we persevered and have accomplished, not only in terms of financial performance but also in our steadfast dedication to help clients. We have also greatly improved on our corporate governance standards with a professional full strength Board of Directors composed of eminent persons with expertise in multiple disciplines, introduction of RTl, adoption of CVC guidelines, appointment of an internal ombudsman to quote a few.”

He said the bank shall remain guided by prudence and long-term assessment of the current situation.

“On a day-to-day basis, we recognize the enormous responsibility that we have to perform for our customers and shareholders. We are sure that our relentless efforts to build upon our already strong fundamentals shall prove to be a value proposition for the investors, both in the short as well as long run.”

“Your enduring faith in the institution has started yielding results and with the momentum achieved by the Bank, the valuations of the Bank are bound to touch newer highs and a number of pleasant surprises are surely on the way,” he said.