President and Chief Executive Officer of Bank of Azad Jammu and Kashmir (AJK) Khawar Saeed said that the bank’s profit has reached an all-time high of Rs 668 million and deposits have also touched a historic Rs. 20.6 billion, as a result of prudent guidance and enthusiastic team efforts.

Speaking at a function to celebrate the 16 years of the bank’s operations across the AJK, he said three years ago, when he took over the bank’s charge, it was facing multiple challenges regarding business, operations, information technology, internal controls, and human resources. There was a declining trend, and the profitability of the bank was deteriorating year after year, he added.

But by introducing modern business techniques, appropriate and effective planning, directional guidance by the management, and subsequently successful execution, the bank has reached the height of excellence, he said.

Khawar Saeed said that special and utmost emphasis was placed on procuring low-cost deposits, and aggressive marketing strategies were introduced and implemented to put the bank on modern lines.

To enhance the lending portfolio, attractive and competitive lending products were introduced, he said. Working on an emergency basis, business promotion campaigns were launched with the introduction of a performance-based culture to reward the field staff for exceptional performances and targeted business achievement, he added.

He said, "our total assets have increased to a miraculous figure of Rs 27.7 billion. Advances have grown to Rs 3.4 billion, and similarly, the home remittances business has touched the highest figure of Rs. 4.2 billion."

"The number of its branches has reached 81, and this indeed is an example of our sheer hard work, dedication, and loyalty to the institution," he added.

The bank’s chairman Khan Abdul Majid Khan said that all the efforts are aimed at making the bank one of the most successful and leading banks in the country by getting the Schedule Bank status.

Credit : Independent News Pakistan-WealthPk