Latest news with #JammuandKashmirBank
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Business Standard
06-05-2025
- Business
- Business Standard
J&K Bank aims to cross ₹5,000 cr profit mark by 2030: MD & CEO Chatterjee
Jammu and Kashmir Bank, which crossed the Rs 2,000-crore profit mark in fiscal year 2024-25, aims to cross the Rs 5,000 crore profit milestone by 2030, its Managing Director and CEO Amitava Chatterjee has said. Chatterjee emphasized on the need for the bank to focus more on supporting the agriculture sector, while expanding its footprints in the rest of the country as part of its diversification plan. "The vision or aspiration of the bank is to cross Rs 5,000 crore profit by 2030. So that will be our way forward. Yes, we have increased the net profit by Rs 300-400 crore in the last fiscal. Obviously we would like to increase it by Rs 500 crore next year, but the ultimate vision is to cross Rs 5,000 crore by 2030," Chatterjee told PTI. He said the bank has been raising the bar each passing year by posting record profits for the past three financial years. For the full 2024-25 fiscal, the bank reported nearly an 18 per cent rise in net profit to Rs 2,082.46 crore, compared to Rs 1,767.27 crore reported for FY 2023-24. Chatterjee said, the bank is one of the main pillars of supporting the local economy, besides the government. "We need to continuously support the local economy and we need to support the agriculture sector much more than what we have been able to do in the past," he said, adding "on the agriculture front, we are now focusing more on investment credit". Commenting on the revision of MSME criteria, he said it is likely that the Jammu and Kashmir region will come up with new units in the small and medium sector. "There is another very good scheme, YUVA, being introduced by the government. It also gives us a very good opportunity to support 3.5 lakh youth of the region to get into some new kind of a business. Within this state, we are well placed to support the people and we are going to do that," he noted. Chatterjee said, while the bank has a strong presence in Jammu and Kashmir and Ladakh Union territories, it has a significant presence in the rest of the country as well. "... We are present in 20 other states of the country. This gives us an opportunity of diversification. While we are very focused and positive in our growth strategy in the two union territories, we will also try to diversify our portfolio to the other parts of the country," he said.
Indian Express
06-05-2025
- Business
- Indian Express
Amarnath Yatra registrations surge in Chandigarh, Mohali despite Pahalgam terror attack
Written by Prisha Arora Outside the branches of the Jammu and Kashmir Bank in Chandigarh and Mohali, long queues of devotees have become a daily sight as the registration for the annual Amarnath Yatra, beginning July 3, gains momentum. Undeterred by recent terror attacks in Jammu and Kashmir (J&K), pilgrims are turning out in even greater numbers than last year, with footfall figures already surpassing previous records well ahead of schedule. At the Mohali Phase 2 branch alone, more than 550 permits have been issued in just 15 days — a milestone that had taken nearly six weeks to reach in 2023. 'Last year, from April 15 to May-end, we registered around 500 pilgrims. This year, we crossed that number in just two weeks,' said Ravinder, Assistant Branch Manager at the branch. 'By the end of May, we are confident of reaching 650–700 registrations.' The Chandigarh branch is witnessing an even higher turnout, with over 700 registrations recorded so far. 'Last year, by late April, we had processed about 300–400 applications. This time, we have already crossed 700, and we still have a month to go,' said Rouf Bhatia, banking associate. To manage the growing crowds, the Mohali branch has set up a temporary tent outside the premises and introduced a token system for pilgrims. Of the registration cost at Rs 150 per pilgrim — Rs 135 of which is collected by the Shri Amarnathji Shrine Board (SASB), the government-managed body overseeing the yatra. After taxes, the bank retains about Rs 13 per registration. Based on current numbers, the Mohali branch has collected roughly Rs 7,150, while the Chandigarh branch has collected around Rs 9,100 — totalling over Rs 16,250. Pilgrims opting for online registration pay an additional Rs 100 service fee, officials said. Security agencies, meanwhile, are adapting in response to the recent attacks. Sources said forces are planning to realign deployment, stationing troops closer to the Baisaran Valley and securing the rear of surrounding forests to curb potential terrorist movement. The reconfiguration is expected to strengthen the security grid ahead of the yatra. Despite the risks, pilgrims remain undeterred. Amit, a solo pilgrim from Mohali, said, 'I go every year. I feel safe despite everything that has happened. I have never faced any security issues.' First-time pilgrim Rajendar Singh, travelling with friends, echoed the same sentiment. 'I am not scared. The Indian Army is there to handle everything,' he said. Some, like Manjeet, a Chandigarh Police officer and regular yatri, acknowledged the dangers but said faith outweighs fear. 'Such incidents are unfortunate, but the yatra will be safe. We must carry on.' An unnamed devotee from Rohtak added, 'I am saddened by the attacks, but fear should not stop us. India was never a country that sits scared, our military is strong. I believe in our forces.' Pilgrims from Punjab, Haryana, Himachal Pradesh, and other neighbouring regions have been thronging both branches. Officials report a cancellation rate of just 0–1 per cent, mostly due to personal changes in travel plans. With over a month to go before registrations close, officials expect record-breaking numbers this year.
Business Standard
06-05-2025
- Business
- Business Standard
Jammu and Kashmir Bank consolidated net profit declines 8.13% in the March 2025 quarter
Total Operating Income rise 10.41% to Rs 3213.39 crore Net profit of Jammu and Kashmir Bank declined 8.13% to Rs 581.91 crore in the quarter ended March 2025 as against Rs 633.44 crore during the previous quarter ended March 2024. Total Operating Income rose 10.41% to Rs 3213.39 crore in the quarter ended March 2025 as against Rs 2910.35 crore during the previous quarter ended March 2024. For the full year,net profit rose 17.53% to Rs 2081.79 crore in the year ended March 2025 as against Rs 1771.22 crore during the previous year ended March 2024. Total Operating Income rose 11.84% to Rs 12541.08 crore in the year ended March 2025 as against Rs 11213.20 crore during the previous year ended March 2024. Particulars Quarter Ended Year Ended Mar. 2025 Mar. 2024 % Var. Mar. 2025 Mar. 2024 % Var. Total Operating Income 3213.392910.35 10 12541.0811213.20 12 OPM % 66.4675.78 - 68.0467.41 - PBDT 809.67830.41 -2 2938.682388.07 23 PBT 809.67830.41 -2 2938.682388.07 23 NP 581.91633.44 -8 2081.791771.22 18
Time of India
05-05-2025
- Business
- Time of India
Pahalgam terror attack not to hit J&K Bank: CEO Amitava Chatterjee
The terror attack on tourists in Pahalgam that killed 26 people might affect the local economy but it will not have much impact on Jammu and Kashmir Bank as the lender's exposure to the tourism industry is around one per cent of the total portfolio, MD & CEO of the bank Amitava Chatterjee said on Monday. "It is a matter of prudence that we have already done this assessment. One part of it is the direct impact. The total exposure related to the tourism industry in Jammu and Kashmir is just one per cent of our total portfolio. "The direct impact will be nominal, even if it is there," Chatterjee told PTI. He said it has been witnessed in the past as well that people in Jammu and Kashmir and Ladakh generally do not want to default on their loans. "We have seen this happen in the past and the impact has not been much. During the days, when tourism was not that strongly influencing the economy of this geography, the highest level of stress that we had was 14 per cent. "And within a span of two to three years it came down to two to three per cent. So, the resilience of this sector is always there. I don't think there will be any direct impact, even if it is there. It may be for the economy. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Click Here - This Might Save You From Losing Money Expertinspector Click Here Undo "For the indirect impact, we will have to wait and watch as to how much it is going to affect the entire economy of Jammu and Kashmir. That might affect some other sectors which might again affect the bank. As I said earlier, the overall NPA in this region is very low. So I believe the resilience shown by the citizens of this territory and the propensity to repay loan is very high. General people do not want to default," he added. Jammu & Kashmir Bank on Monday reported over 8 per cent decline in net profit to Rs 584.54 crore for the January-March quarter of 2024-25 compared to Rs 638.67 crore in the year-ago period. On a sequential basis, its net profit rose by 10 per cent compared to Rs 531.51 crore in the previous December quarter of FY 2024-25, according to an exchange filing by the bank. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
23-04-2025
- Business
- Time of India
Shares of J&K Bank fall most after Pahalgam terror attack
MUMBAI: Jammu and Kashmir Bank was the biggest loser on the bourses on Wednesday, with its stock falling 0% to close at Rs 103. The decline followed the killing of 26 tourists by terrorists in Pahalgam during the peak travel season, which led to many visitors cutting short their trips. The bank, which is primarily owned by the state govt, operates 1,012 branches, with 837 located in the Union Territory of J&K, 37 in Ladakh, and 138 across 20 other states and UTs. The region generates a significant portion of its revenue from tourism. During an investor call for the third quarter, Amitava Chatterjee, the newly appointed MD of the bank, said the J&K Tourism Department had declared 2024 as one of the best tourist seasons in the valley's history. 'The UT of J&K welcomed 2.35 crore tourists in 2024, with an extraordinary 300% increase in foreign tourist arrivals over the past two and a half years,' he said. He added that the inauguration of the Z-Morh tunnel would enable winter tourism in Sonamarg, and plans were underway to develop four new destinations — Kokernag, Doodhpathri, Bhadarwah and Baradari — with tourist infrastructure. This initiative is a joint venture involving the World Bank, the J&K govt, and the Centre. 'These developments will further boost tourism in the UT and contribute to the region's economic transformation, with tourism being the second main industry after horticulture,' he said. Stay informed with the latest business news, updates on bank holidays and public holidays . Master Value & Valuation with ET! Learn to invest smartly & decode financials. Limited seats at 33% off – Enroll now!
