Srinagar, Sep 6 (PTI) Jammu and Kashmir Bank CEO Amitava Chatterjee on Saturday presented dividend cheques worth Rs 130.77 crore to the Union Territory administration -- the financial institution's promoter and major shareholder -- for the financial year 2024-25.

Initiating the payment of dividend to shareholders, Chatterjee, the bank's Managing Director and CEO, presented two dividend cheques of Rs 122.85 crore and Rs 7.92 crore to the UT administration, an official spokesman said.

The dividend cheques were handed over to Lieutenant Governor Manoj Sinha at Raj Bhawan here, the spokesperson said.

The dividend payout, which followed the bank's approval of 215 per cent dividend at its 87th Annual General Meeting (AGM), underscores both the bank's financial strength and its pivotal role in supporting the region's economic development, the spokesperson said.

Sinha said J&K Bank should continue its focus on financial inclusion by connecting people and it should promote small and micro-enterprises for manufacturing and services.

The LG also observed that J&K Bank had witnessed complete turnaround after 2019. The bank had reported a loss of Rs 1,139 crore in 2019-20. However, it was transformed and within four years it reported a profit of Rs 1,700 crore in 2023-24.

Chatterjee reiterated the lender's commitment to offering the best banking services while actively contributing to Mission YUVA for inclusive, equitable, and sustainable economic growth across the Union Territory. PTI SSB TRB TRB

Dividend distribution to promoter administration follows AGM approval, underscoring bank financial strength and inclusion focus Presentation of dividend cheques to the Union Territory administration as promoter-shareholder followed AGM approval of a substantial dividend; the bank's CEO delivered two cheques evidencing the dividend distribution mechanism to the principal shareholder. Accompanying statements link the payout to the bank's reported financial turnaround and to commitments on financial inclusion and support for small and micro-enterprises in the region.