Muzaffarabad ( Web News )
Bank of Azad Jammu and Kashmir (BAJK) is recording a significant growth in deposits, assets and remittances among other sectors besides earning historic profits. Referring to the review meeting held under the chairmanship of Mr. Khawar Saeed, spokesman of BAJK said that the profit of the bank was Rs.151 million in 2018, which decreased to Rs.139 million in 2019. Soon after joining the institution the new CEO took immediate steps under effective business strategy to prevent the losses and begin a new journey to speedy progress. In only one year the bank made progress and its profit increased from Rs 130 million to Rs 300 million. This profit crossed the level of Rs. 450 million in just two years, i.e., in 2021. The increase in profit gradually accelerated and in only six months of the current year 2022, the bank crossed the profit of Rs.400 million. It is expected that by the end of this year, it is expected that the institution will double its profit. The spokesman further said that the value of the total assets of the bank was only Rs.12.411 billion in 2018 and Rs.13.566 billion in 2019, which increased to Rs. 16.819 billion in 2020, further increased to Rs. 23.693 billion in 2021 and in the first half of 2022 recorded a historical increase of Rs. 27.4 billion. Similarly, in two years 2018 and 2019, the total deposits remained frozen at one place i.e., Rs. 11 billion, which increased to Rs. 13.700 billion in 2020 and Rs. 17.270 billion in 2021. Whereas, in the first half of the current year, it further increased to Rs. 20.763 billion. According to the spokesperson, remittances (home remittances) were only Rs. 511 million in 2018 and Rs. 863 million in 2019. In 2020, the journey from million to billion began and remittances increased to Rs. 2.856 billion and in 2021 to Rs. 4.250 billion. The increase in remittances is the highest ever since the bank’s inception. It is worth mentioning here that State’s financial institution is moving towards progress under the patronage of AJK Government, BODs especially Khan Abdul Majid Khan, supervision and team work of the President Mr. Khawar Saeed, day and night hard work of the staff and the support of the customers. The significant increase in profits, deposits, remittances, asset value and multifold increase in other sectors. It is a reflection of the progress of the bank and the full confidence of the customers, and so the journey of progress and success of the Bank will continue.