J-K Bank announces Rs 50 per share dividend

SRINAGAR: Jammu & Kashmir Bank today announced a dividend of Rs 50 per share or 500 per cent to its shareholders.

The dividend of 500 per cent on a share of face value Rs 10 was approved at the annual general meeting of shareholders which was held here, a spokesman of the bank said.

Shares of J&K Bank had closed at Rs 1,178.60 on BSE yesterday.

Bank's Chairman and CEO Mushtaq Ahmad expressed satisfaction on achieving targets for 2012-13 fiscal.

"We have not only achieved, but even surpassed our Rs 1,00,000 crore business target and Rs 1,000 crore profit in the Platinum Jubilee year," he said.

The bank had reported a profit of Rs 1,055.10 crore and revenue of Rs 6,136.80 crore for 2012-13 fiscal.

"While these achievements enhance our confidence in our abilities, the core guiding philosophy remains the same: creating opportunities and touching lives in more ways than one," Ahmad said.