Muzaffarabad, The Bank of Azad Jammu and Kashmir (BAJK) main branch in Muzaffarabad commemorated its 17th anniversary with a cake-cutting ceremony attended by divisional heads, branch managers, and other officers. President and CEO Khawar Saeed, who served as the chief guest, highlighted the bank’s significant financial achievements and growth over recent years.

According to Bank of Azad Jammu and Kashmir, the State Bank has recognized BAJK as one of the most successful banks in the country, a distinction underscored by the award for the best CEO, which he received for his outstanding performance. Saeed reflected on the bank’s journey since he took charge in late 2019 when the profit stood at Rs 13 crore. Under his leadership, the bank implemented innovative business techniques, effective planning, professional staff training, and new business strategies across all sectors. These efforts resulted in remarkable growth, with profits more than doubling to Rs 301 million in the first year. By the second year in 2021, profits quadrupled to Rs 458 million, and in the third year, 2022, they surged sevenfold to Rs 961 million. The bank’s assets also grew significantly to Rs 31.17 billion.

Saeed detailed the bank’s financial progress, noting that in less than four years, BAJK earned a total profit of over Rs 2.68 billion and saw an increase in assets by Rs 17 billion 67 crore. Deposits escalated from Rs 11 billion to more than Rs 23.21 billion, the highest since the bank’s establishment. He pointed out that before 2019, the total value of assets was only Rs 13 billion over a 14-year period, and remittances were limited to Rs 1.07 billion. However, with effective strategies, special campaigns, and agreements with reputable companies, the institution saw an increase in home remittances by Rs 16 billion.

Saeed expressed his commitment to making BAJK a premier institution, attributing its success to the government’s patronage, the board of directors’ support, the staff’s tireless work, and the customers’ trust. He emphasized that the continuity of the bank’s business strategy is crucial for sustaining this development trajectory.