J&K Bank aims to cross ₹5,000 cr profit mark by 2030: Amitava Chatterjee

SRINAGAR: Jammu and Kashmir Bank, which crossed the Rs 2,000-crore profit mark in fiscal year 2024-25, aims to cross the Rs 5,000 crore profit milestone by 2030, its Managing Director and CEO Amitava Chatterjee has said.

Chatterjee emphasized on the need for the bank to focus more on supporting the agriculture sector, while expanding its footprints in the rest of the country as part of its diversification plan.

“The vision or aspiration of the bank is to cross Rs 5,000 crore profit by 2030. So that will be our way forward. Yes, we have increased the net profit by Rs 300-400 crore in the last fiscal. Obviously we would like to increase it by Rs 500 crore next year, but the ultimate vision is to cross Rs 5,000 crore by 2030,” Chatterjee told PTI.

He said the bank has been raising the bar each passing year by posting record profits for the past three financial years.

For the full 2024-25 fiscal, the bank reported nearly an 18 per cent rise in net profit to Rs 2,082.46 crore, compared to Rs 1,767.27 crore reported for FY 2023-24.

Chatterjee said, the bank is one of the main pillars of supporting the local economy, besides the government.

“We need to continuously support the local economy and we need to support the agriculture sector much more than what we have been able to do in the past,” he said, adding “on the agriculture front, we are now focusing more on investment credit”.

Commenting on the revision of MSME criteria, he said it is likely that the Jammu and Kashmir region will come up with new units in the small and medium sector.

“There is another very good scheme, YUVA, being introduced by the government. It also gives us a very good opportunity to support 3.5 lakh youth of the region to get into some new kind of a business. Within this state, we are well placed to support the people and we are going to do that,” he noted.

Chatterjee said, while the bank has a strong presence in Jammu and Kashmir and Ladakh Union territories, it has a significant presence in the rest of the country as well.

“… We are present in 20 other states of the country. This gives us an opportunity of diversification. While we are very focused and positive in our growth strategy in the two union territories, we will also try to diversify our portfolio to the other parts of the country,” he said. (PTI)