J&K Bank approves record 335% dividend

New Delhi: Jammu and Kashmir Bank has approved a record 335 percent dividend per share during its 74th annual general meeting (AGM) here.

The AGM, which was held yesterday, approved the 335 percent dividend to shareholders, a spokesman of the bank said.

Jammu and Kashmir Bank Chairman and CEO Mushtaq Ahmad appreciated the shareholders for their "unflinching" support and said, "the bank is poised to open new chapters, new hopes and new opportunities for the people of state particularly youth and lead their lives towards better and brighter economic tomorrow."

"The total business of Rs 86,432 crore and a net profit of Rs 803.25 crore is the highest-ever posted by the bank in its history," he said.

Ahmad said the bank plans to recruit few hundred educated youth to keep pace with its expansion policy.

About the targets set by the bank for the current financial year, he said, "Ehe bank is positioned well to achieve the target of Rs 100,000 crore business, with Rs 1,000 crore net profit by March 2013."

PTI