BAJK is a fast growing commercial bank operating across the state of Azad Jammu & Kashmir with a network of 70 branches. The Bank is a wholly owned corporate entity of the Govt. of Azad Jammu & Kashmir mandated to mobilize private savings and public funds for diverting them to productive channels; promote industrial, agriculture, rural micro financing and other socio economic activities through active participation of private and public sectors and help under-developed areas, create employment opportunities and to assist overseas Kashmiris to effectively and profitably invest their savings in the State. The bank has a number of liability and assets products customized to fulfill the banking needs of people. The Bank believes that equal access to resources in the economy is smart economics and a powerful means of poverty reduction and a path to faster socio economic development. That is why the Bank has launched an innovative scheme of microfinance for those who have limited or no access to financial resources.
BAJK has shown historical performance of achieving record profit first time in last fourteen years .Performance of bank which was on continuous decline got a boost with new enthusiasm for the journey towards progress and success.
It’s a great honor for the team of AJK Bank to show the excellent performance among cut throat competition. Following are the key points of the comparative analysis of their prominent business results:
-Profit of the bank was 130 Million in 2017 which reduced to 71 Millions in 2018 and further reduced to 12 Million in 2019. Through tireless efforts BAJK succeeded to put a barrier on this continuous trend of loss and as per the vision of the President, they managed to achieve the historical performance by getting a record profit of 168 Million which is 1263 percent higher than the corresponding period of last years.
-Likewise, deposits of the bank which were 11.87 Billion in 2019 raised to 14 Billion by a percentage of 22 in just six months. This is also a maximum figure achieved so far in the history of BAJK.
-Remittances which were 373 Million in June 2019, raised by a record amount and crossed the figure of one billion rupees. The percentage of increase in Remittances is 173 which is highest ever in the history of the bank.
-Value of Bank’s shares which was 0.13 Rupees in 2019 raised to 0.80 rupees in June, 2020. Its first time in the history of BAJK that value of the shares has raised with such a huge margin of 515%.
General Public and clients of the bank Congratulate to whole team of the bank for such a historical achievement. These results show that all business targets might be achieved by continuous hard work and enthusiasm. The Bank of AJK is quickly proceeding not only towards achieving the hallmarks of good name, brand and standards but strengthening the internal control for getting further achievements. It’s their mission to provide the best services to their clients.
Bank is growing fast under the leadership and supervision of its President/CEO Mr. Khawar Saeed. Mr.Khawar Saeed is a career banker with diversified Domestic and International banking experience. He has Master of Business Administration (MBA) degree and DAIBP with distinction in Book Keeping & Accounts. He also holds Professional Designation in International Business Management; Award in General Business Studies-Credit Management, Certificate in International Business and trade from the University of California, Los Angeles, USA (UCLA). He has Certificate in Credit Management from the National Institute of Credit, USA. Mr. Saeed attended a number of banking courses, seminars, and workshops.
He possesses strong leadership and management skills with proven abilities. During 33 years of glorious innings in banking, he played leading role at Head Office/Operating Offices and been able to transform the business profile of the Institution by implementing strategies, team spirit, and unique result-oriented practices. He maintains an excellent portfolio with numerous accomplishments, awards, and accolades that accumulated over the years due to consistent outstanding performance.
His countless contribution, hard work and intellectual vision along with the bank’s team efforts are playing key role behind this ongoing success story.
Well done, President and team BAJK.