MUZAFFAFARABAD, Oct 12 (ABC):The Bank of Azad Jammu and Kashmir (BAJK), in the first quarter of the current financial year, crossed the profit barrier of Rs 400 million. This was revealed during the review meeting held here on Wednesday under the chair of BAJK President Khawar Saeed. He said BAJK was recording a significant growth in deposits, assets and remittances among other sectors besides earning historic profits. He said the profit of the bank was Rs 151 million in 2018, which decreased to Rs 139 million in 2019. However, he added, the new CEO took immediate steps under effective business strategy to prevent the losses and begin a new journey towards the speedy progress. As a result, the bank’s profit increased from Rs 130 million to Rs 300 million in just one year, reaching to Rs 450 million by 2021, he added.
“After crossing the profit barrier of 400 million rupees, it is expected that by the end of this FY, the BAJK will double its profit.” The spokesman further said 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, to Rs 23.693 billion in 2021, and recorded a historical increase of Rs 27.4 billion in the first half of 2022. Similarly, BAJK spokesman added, the total deposits remained frozen at Rs 11 billion in 2018-19, 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, they further increased to Rs 20.763 billion, he maintained. He said the significant increase in profits, deposits, remittances, asset value and other sectors was the reflection of the full confidence of BAJK’s customers, and hoped that the journey of progress would continue.