MUZAFFARABAD: (Parliament Times) Mr. Imran Samad, Managing Director of Bank of Azad Jammu and Kashmir called on Sardar Masood Khan, President Azad Jammu and Kashmir here at the Presidency in Muzaffarabad. he was accompanied by Mr. Zamurad Hussain, Regional Controller Bank of AJK.
During the meeting the Managing Director apprised the President on the functioning of the Bank and its achievement in the recent years. He also informed President AJK of the various issues faced by the Bank.
It was informed that compared to 2016, the Bank in 2017 achieved a 22% increase in deposits. He said that in 2017 the Bank remittances (transactions) saw a considerable jump of 111%. Mr. Imran told that the Bank is seriously taking up the issue of recovering non-performing loans and in the previous year Rs. 102 million was recovered. He added that the capital and reserves of the Bank have seen an increment of 15% due to the increase in the Bank’s business activity.
Informing the President of the growing number of Bank branches, the MD said that after adding 3 branches in 2017, they expect to open 10 more branches in 2018 alone. Older branches, he said, are also being upgraded and made more customer friendly helping provide modern banking facilities. He said efforts are being made to attract customers by providing mark-up free financing available for businesses like agriculture, livestock, poultry, microfinance and small business sectors.
President Masood Khan commended the efforts of the Bank’s management in serving the people with enthusiasm, professionalism and highest sense of responsibility. He said that the issues of the Bank related to the making it a scheduled one with State Bank of Pakistan will be addressed and that the AJK Government will facilitate them in achieving this goal.
The President said that by launching innovative schemes for microfinancing small and medium business, the Bank of AJK has provided access to those who have limited or no access to finances, thereby making it a powerful asset in reducing poverty through socio-economic development.
Pleased with the achievements of the Bank despite all the difficulties, the President said that there is a need to further expand the working of the Bank and help encourage more people to carry out their business through Bank of AJK. The President also said that with increasing economic activity in AJK, investors and entrepreneurs will look towards Bank of AJK due to its outreach in all districts of AJK, some in far off places where other banks are not present.
President AJK said that the Bank can help promote industrial, agriculture, rural micro-financing and other socio-economic activities in the under-developed areas through active participation of private and public sectors.