J and K Bank presents dividend cheques to Governor

Sriangar, Sep 6 (UNI) Jammu and Kashmir Bank Chairman Haseeb A Drabu presented a dividend cheque for the financial year 2007-08 amounting to Rs 39.95 crore to Governor N N Vohra.

This is the highest ever dividend paid to the State government by the bank so far, an official spokesman said here today.

With a consistent track record of dividend payment for more than four decades, the J &K Bank, since its inception, has paid an aggregate dividend of Rs 372.72 crores out of which an amount of Rs 201.93 crores has been paid to State Government and the balance amount of Rs 170.79 crores to the other shareholders.

The State Government is holding more than 53 per cent shares of the Bank. As on September 04, 2008, there had been capital appreciation of 2466 per cent to the Government against their initial investment in the Bank.

The Bank has improved its DPS ratio after floating its maiden public issue in May 1998. While the Bank paid Rs 12.82 crores as dividend up to the financial year 1998. Subsequent to the public issue, an amount of Rs 359.90 crores has been paid up to March 2008.

The Governor lauded the strides made by the Bank in the banking sector and hoped that it will contribute in a big way in socio-economic development of the State.

UNI BAS SBA ND1245