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Great staff response results in over-subscription of J&K Bank ESPS -2023

Receiving an over-whelming response from the staff, J&K Bank’s Employees Stock Purchase Scheme (ESPS-2023) has got over-subscribed by more than 32 percent. The issue was opened on 14th March and closed yesterday at 5 PM.

Commending the immense staff response, the Bank’s MD & CEO Baldev Prakash said, “From the day one, you have never failed to amaze me with your profound sense of commitment and belief in the bright future of this wonderful Bank. I am truly over-whelmed by your brisk and whole-hearted participation in the scheme that led to the over-subscription in first three days of the issue.”

“I am sure that the over-subscription shall boost stakeholders perception especially that of investors about our strong belief and requisite will to script a new chapter of glory towards making J&K Bank one of the best and most successful financial institutions in the country”, he added.

With a view to share with the employees’ the value created by them, the Bank launched its Employees Stock Purchase Scheme (ESPS - 2023) to promote and increase their direct ownership and participation in the institution.

Members of the staff associations thanked the Bank’s board and management for providing employees such great opportunity to invest and increase their stakes further in the institution.

And with this kind of staff-response, we have deepened our emotional equity further while exhibiting our belief in the unrealized potentialities of the Bank that rides and rises steadily on 85 year-old legacy of public-trust and profitability, they said in unison.

Notably, under the ESPS -2023, the Bank has received applications for subscription of over 9.27 Cr shares amounting to around Rs 364 Cr.

Pertinently, the Bank’s Board had approved to offer up to 7 Cr new equity shares under the scheme to the employees thereby enabling them to subscribe to Bank’s equity at a decently discounted price against the market value as per SEBI approved formula.

The number of Bank's equity shares shall, however, be allotted proportionately to the staff as per the laid-down eligibility criteria.

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J&K Bank inks agreement with LIC of India
With a view to provide its customers a wider range of life-insurance products and services, Jammu and Kashmir Bank today entered into an agreement with the country’s insurance giant Life Insurance Corporation (LIC) of India.
General Manager (Cross Selling Vertical) Narjay Gupta signed the agreement on behalf of J&K Bank, while as, Regional Manager (MBAC) P K Saxena put in his signatures representing LIC India in presence of Bank’s Executive Director Sudhir Gupta, General Manager Syed Rais Maqbool, LIC of India’s Senior Divisional Manager Dinesh Tanania besides senior officials of J&K Bank and LIC of India at Bank’s corporate headquarters. The agreement will be effective from April 1, 2023.
Terming the agreement a milestone set to benefit Bank’s growing clientele, Executive Director Sudhir Gupta said on the occasion, “With customer welfare at the heart of Bank’s policies, the tie-up with LIC of India - a premier insurance company in the country - will provide our customers an access to wider range of products that LIC offers while adding to Bank’s non-interest income. This association will surely be beneficial to both the organisations.”
Pleased with the tie-up P K Saxena hoped that association between two leaders in their own operational domains will script a new chapter of success in serving the people. He said, “We are excited with the journey we have embarked upon with leading financial institution in UTs of J&K and Ladakh. By offering the industry-best insurance related products and services to customers, I am sure our company will gain greatly from J&K Bank’s extensive network of touch points selling our products.”
Sounding optimism General Manager Narjay Gupta said, “LIC’s products and J&K Bank’s second-to-none services will bring laurels to both the institutions going forward as the agreement will provide greater choice of insurance solutions to the customers.”
On the occasion General Manager Syed Rais Maqbool asserted that both the organisations will live up to the expectations of their stakeholders so as to build further on their reputation. “Our country has a vision to insure every individual in the times to come. I think this collaboration will play its part greatly in achieving the national goal across our operational geographies”, he added.

J&K Bank ties-up with Seth Industrial Corporation

With a view to facilitate its customers, J&K Bank today entered into an agreement with Ludhiana-based Seth Industrial Corporation (SIC) – one of the leading manufacturers in wide assortment of electric vehicles like e-Bikes, e-Scooters, e-Rickshaws in the country under the Brand name 'Neelam'.

Deputy General Manager Imtiyaz Ahmad Bhat signed the MoU on behalf of the Bank while as Rajesh Seth put in his signatures as Joint Director/Partner of SIC in presence of Business Head (SIC) Ranbir Singh Saini during a function organised at the corporate headquarters of J&K Bank.

Speaking on the occasion, DGM Imtiyaz Ahmad Bhat said, “Through this tie-up we are happy to offer easy, affordable and attractive financing solutions to our customers while encouraging electric vehicular transport in the country. As part of our green policy initiatives, we are already partnering with many such electric vehicle manufacturers throughout our operational geographies.”

While commenting on the importance of affordable financing, Rajesh Seth said that the demand for electric vehicles was only growing but easy and hassle-free finance was the main supply-side constraint. “However, after signing the MoU with J&K Bank, which is the premiere financial institution in UTs of J&K and Ladakh with strategic presence across the country; I feel the partnership will enable us to scale our operations and provide eco-friendly ride besides sustainable livelihood to our common clientele.”

Notably, the bank’s customers can avail a range of concessions from SIC that primarily includes over the counter discount of Rs 3000 along with three free services without charge. Also, the clients availing finance from J&K Bank can avail the company’s extended warranty period of 3 years on Lithium Batteries instead of 2 years for general customers besides 21 months warranty time on other batteries instead of 18.

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J&K Bank Q3 net profit up 79% YoY to Rs 312 Cr

We remain committed to sustained improvement in our overall functioning and the operating results: Baldev Prakash

J&K Bank Net Profit witnessed 79% rise year-on-year (YoY) to Rs 311.59 crore for the December Quarter of FY 2022-23 as against Rs 173.95 Cr registered for the same period last financial year. The bank announced the results after its Board of Directors reviewed and approved the numbers for third quarter and nine-months ended December 31, 2022 in a meeting held today at Bank’s Gurugram Office in Delhi.
Well on its trajectory to meet annual profitability targets, the bank’s profit for nine-months is up 85% to Rs 721.05 Cr from Rs 389.36 Cr clocked during nine-months of the last fiscal.
Performance Highlights
The Bank’s Net Interest Income (NII) surged by 27% YoY to Rs 1257.38 Cr for the December quarter when compared to Rs 993.30 Cr recorded last year, while growing 19% YoY for nine-months to Rs 3495.73 Cr. The Bank’s Operating Profit grew by 65% YoY to Rs 544.11 Cr for the December quarter, 2022.
The Bank’s NIM has also improved by 54 basis-points (bps) YoY to 4.10% - the highest in last seven years - while as the Return on Assets rose to 0.92% for the December quarter from 0.57% recorded last year. With Yield on Advances improving by 90 bps to 9.34%, the Bank’s steadily moderating cost-to-income ratio has come down further to 63.71% for the third quarter.
Commenting upon the quarterly growth numbers, MD & CEO Baldev Prakash said, “Driven largely by an improving asset-quality through better SMA management and vigorous recoveries, we have achieved a better set of numbers in our December quarter. And we remain committed to sustained improvement in our overall functioning and the operating results as communicated in our financial-year guidelines.”
Improved Asset-Quality
The Gross NPA Ratio of the Bank has further come down 168 bps YoY and 42 bps QoQ to 7.25% for the quarter, while as the Net NPA ratio has moderated YoY by 94 bps to 2.08%. Provision coverage ratio (PCR) of the Bank stood at 84.83% for the quarter ended December, 2022.
“Through an ensured institutional focus on the asset-quality, we have brought down our Net NPAs to 2.08%, which is the lowest in last eight years. While each passing quarter is witnessing an improvement in our GNPA figure, we have reduced it further to around 7%, and our Provision Coverage Ratio for the quarter is about 85%”, said the MD & CEO regarding the bank’s asset-quality.
“And with strict regime of early-warning systems, pro-active monitoring and review mechanisms at all levels coupled with rolling out of timely OTS schemes, we are confident of reducing our gross NPAs to around 6% by the end of fiscal”, he added.
Business Growth
Meanwhile, the Bank’s net advances are up 14% YoY and 4% QoQ to Rs 77639 Cr during the quarter reviewed while as the deposits have grown 8% from Rs 109298 Cr to Rs 117935 Cr. However, the Bank witnessed 21% YoY growth in advances in its operational geographies across Rest-of-India (RoI).
The Bank’s overall business increased by 10% to Rs 195574 from Rs 177664 Cr recorded last year while as the Bank’s CASA Ratio continues to remain as one of the industry best at about 54%.
“Both our advances and deposits have grown by 14% and 8% respectively, which are quite in line with industry averages. However, witnessing growth at 21%, the Rest-of-India share in the overall loan-book has crossed 30% mark during the December quarter in line with the financial-year guidelines”, said MD & CEO while commenting on growth numbers.
Comfortable Capital Cushion
With tier-II capital augmentation of over Rs 1000 Cr, the bank’s Capital Adequacy Ratio rose up to 13.82% as against 12.38% recorded as on December 31, 2021.
“The capital augmentation through raising of tier-II bonds worth Rs 1021 Cr during the December quarter has cushioned us to comfortably execute our envisaged growth plan especially in rest of India. Our CRAR has improved to 13.82%”, asserted MD & CEO Baldev Prakash.

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J&K Bank unveils its Wall Calendar - 2023

Amid persistent public demand, J&K Bank today launched its famed Wall Calendar after a gap of two years. MD & CEO Baldev Prakash unveiled the Wall Calendar – 2023 in presence of Executive Director Sudhir Gupta, General Managers, and DGMs here at the Bank’s corporate headquarters with senior officers from different zones joining the event through video-conferencing mode.

Speaking at the launching ceremony, MD & CEO Baldev Prakash said, “After an unavoidable gap of two years, I feel delighted to unveil the Bank’s wall Calendar that has over the years not only become a prized souvenir in our core operational geography but has acquired unique brand value in rest of the country too. Being the institution’s best round-the-year brand ambassador, J&K Bank Calendar has always captured public imagination through its rich, diverse and topical themes year after year.”
“However, keeping in view the vision of scaling up our business to Rs 4 Lac Crores by 2026-27, here onwards we shall be using this wonderful communication tool for promotion of our products and services besides enhancing Bank’s brand image across our operational geographies”, he added.
The Bank’s e-Calendar – in the form of a mobile application - for the year 2023 was also launched on the occasion.

Wishing the Bank’s customers across the country well for the upcoming year, the MD & CEO said, “I would also like to extend my best wishes to all the valuable customers across the country and hope that the New Year brings health, wealth and happiness in their lives and that of their loved ones.”

He also extended the New Year greetings to the staff on the occasion and urged them to refresh their personal and professional resolutions so that the Bank maximizes its business and achieves its institutional objectives within the set time-lines.

Earlier, in his welcome address, General Manager (BSD) Syed Rais Maqbool gave an overview of the history of Bank’s wall calendar and its emotional connect with the people. He also spoke about idea, design and processing of the Wall Calendar – 2023 besides highlighting the features and functions of the app-based e-Calendar.

“Wall calendar in our core-geography has been synonymous with J&K Bank’s brand for many decades now. Going forward, while leveraging rich brand legacy in the form of our traditional wall calendar with a year-long shelf-life, we shall keep improvising our digital calendar as well to meet the aspirations of younger and tech-savvy generations especially among our customers”, said GM Syed Rais Maqbool during the address.

As an added feature, the scanning of QR Codes of the products displayed on every page of the wall calendar will instantly direct the prospective customers to the website for all details of the respective product.

Pertinently, the e-Calendar has been customized with holiday lists of five zones across the country- Jammu and Kashmir, Ladakh, Delhi, Karnataka and Mumbai - with user-friendly option for the people to choose between any of these digital variants seamlessly according to their requirement and location.

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Maruti Suzuki signs MoU with J&K Bank to strengthen its end-to-end smart car finance platform

Strengthening its end-to-end car financing platform, Maruti Suzuki India Limited announces partnership with J&K Bank to ease car loan facilitation for its customers via the company’s Smart Finance digital platform. This collaboration between Maruti Suzuki Smart Finance and J&K Bank will allow customers to avail hassle-free affordable financing options across 984 branches of the bank.

Since its inception in 2020, Maruti Suzuki Smart Finance has disbursed over INR 39,000 crore worth of loans, allowing over 6.4 lakh customers to easily finance their cars from the partnered banks.
With a vast network of 3,500 new car retail outlets, this partnership will help Maruti Suzuki offer easy financing solutions to aid the new car purchase experience for its valued customers. Maruti Suzuki currently has 21 financial institutions onboarded on Maruti Suzuki Smart Finance.
Through J&K bank, Maruti Suzuki customers can avail loans of up to 90% of the on-road price of a car, besides availing benefits of zero processing charges and the option of repayment tenures of up to 84 months at competitive interest rates.
Ashutosh Sareen, General Manager (Credit), J&K Bank, signed the MoU and said, “This partnership will increase accessibility and accelerate the process of availing loans for customers, to fulfil their aspirations of buying Maruti Suzuki cars. Our latest association with Maruti Suzuki Smart Finance will allow us to simultaneously leverage J&K Bank’s digital platform to provide a modern and convenient financing option for today’s customers who intend to avail a J&K Bank loan from the comfort of their homes. We have recently reviewed and revised our Car Loan product to accommodate the needs of varied clientele across the country, and expect a positive impact from this agreement.”

Commenting on the partnership with J&K Bank, Shashank Srivastava, Senior Executive Officer (Marketing & Sales), Maruti Suzuki India Limited, said, “Strengthening our end-to-end customer servicing approach, this partnership is aimed to make the vehicle buying journey easy through the various benefits that the bank offers. Since its launch in 2020, Maruti Suzuki Smart Finance has been a one-stop solution where customers can view, compare, and apply for a loan at a competitive rate of interest, and customize their EMI as per their requirements. Since inception, under the tie-up with partner financiers, we disbursed over INR 39,000 crores worth of loans. We are confident that the latest tie-up with J&K Bank will help bolster our customer base even further.”

Senior Executive of Maruti Suzuki India Limited, Vikas Kohli, Vice President (Allied Business) and Ashutosh Sareen, General Manager (Credit), J&K Bank were present with their respective teams on the occasion of signing of the partnership.