AJK bank profit hits Rs1.4bn in nine months
MUZAFFARABAD: The state-owned Bank of Azad Jammu and Kashmir (BoAJK) has posted a “historic” operating profit of Rs1.414 billion in the first nine months of 2024, while also registering substantial and unprecedented growth in deposits, assets, and remittances.
According to a press release issued by BoAJK spokesperson Ghulamullah Kayani, the bank’s total assets reached an all-time high of Rs51.279bn during this period — the highest in its 18-year history.
Likewise, deposits surged to Rs39.118bn, while remittances totalled Rs3.308bn, marking the largest increase since the bank’s establishment through an Act of the Assembly in 2006.
Mr Kayani noted that the bank disbursed loans amounting to Rs4.646bn in the same period, with the quality of lending services also improved.
He claimed that special schemes were introduced to promote tourism, enhance healthcare, and empower women through targeted financial support.
“Our bank supports various events and initiatives aimed at nurturing and promoting local talent in different fields,” he said.
He expressed confidence that BoAJK was poised for even greater success, aiming to be counted among the most successful banks in the country.
He informed that Governor of the State Bank of Pakistan (SBP), Jameel Ahmed, had praised BoAJK’s performance and expressed support for the bank’s efforts to secure scheduled bank status.
Published in Dawn, October 20th, 2024