J&K Bank bags Best Bank award from Financial Express
By Our Banking Bureau | 04 Apr 2003
Union Finance Minister Jaswant Singh presented the award at a function held here. J&K Bank chairman M Y Khan received the award on behalf of the bank. Also present on the occasion were Reserve Bank of India (RBI) governor Dr Bimal Jalan and former RBI governor C Rangarajan.
The survey credited Khan for successfully keeping the bank at the top position, maintaining asset quality and ensuring sustained growth. The survey also credits J&K Bank for creating strong brand equity in the Jammu and Kashmir state and playing an important role in the development of the state.
During the last five years, the bank has made tremendous progress. Continuing its pace of growth, the net profit of the bank was up by 34 per cent to Rs 89.18 crore for the quarter ended 31 December 2002 against Rs 66.32 crore of the corresponding quarter of the previous year.
The operating profits of the bank for the said quarter ended 31 December 2002 recorded a jump by 35 per cent to Rs 184.22 crore against Rs 136.54 crore for the corresponding quarter of the previous year.
J&K Bank was incorporated in 1938 by the then government as its promoter to bolster the economy of the state. Today the bank has emerged as one of the leading commercial banks of India, with its branch network spread across the length and breadth of the country.
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