Muzaffarabad: The Bank of Azad Jammu and Kashmir has reported a substantial increase in its deposits, reaching over 38.5 billion rupees following a record surge of 16.5 billion rupees in the first half of 2024. This marks a significant 60% growth compared to the end of 2023, positioning the bank at a new peak in its financial performance.
According to Bank of Azad Jammu and Kashmir, the remarkable growth was highlighted during a meeting presided over by President and CEO Shahid Shahzadmir at the Guided Office. The success is attributed to an effective business strategy, strong teamwork, and the integrity and commitment of the staff. On December 31, 2023, the bank's total deposits stood at 24.14 billion rupees, and the first half of 2024 has seen this number dramatically increase. Shahzadmir praised his team for their exceptional performance and dedication, which have been pivotal in surpassing business targets across profitability, domestic remittances, and asset growth.
The CEO also reiterated his commitment to accelerating the bank’s development, leveraging the ongoing support from the government and customers. He expressed gratitude for the trust placed in the bank by all stakeholders, which has been instrumental in achieving these historic results. The event also included a ceremonial cake cutting to celebrate the achievements.