J&K Bank sees 15% plus loan growth in FY14
To ramp up the presence outside the J&K by aiming 58% of its total branch expansion
Mumbai, The Jammu & Kashmir Bank has set an ambitious target of delivering 15- 20 per cent loan growth this fiscal. The bank expects lending to developmental projects within J&K and expansion in other geographies to be drivers of its growth for next 2-3 years.
“The J&K Bank has significantly contributed in J&K State’s developmental activities since its inception. With the growing scale and size of the bank, we want to play a bigger role in the State’s developmental agenda and support all those economic activities that will help the State grow faster. Hence, we have decided to push lending within the State. With this initiative, we envisage of delivering 15 per cent growth in our loan book this fiscal,” said Mr. Mushtaq Ahmad, Chairman and Chief Executive Officer, J&K Bank.
The Bank is seeing maximum growth to come from Jammu & Kashmir itself. Adding further, said Mr Ahmad, “We will lend to companies engaged in road and railway projects along with ancillary and healthcare sectors.”
While the Bank has been on the expansion spree in the recent past, it expects to witness the loan growth come from its new geographies also. This fiscal, the Bank is targeting 58 per cent of its total branch expansion outside the state.
Recently, the Bank pronounced its intention to mark its global footprint by opening up overseas offices. “While we have one or two places in mind globally, we need another couple of years to start some action on that front. We still have scope to expand in J&K and within India. Within India, we plan to ramp up our presence in Maharashtra, Karnataka, South-East India and some parts in Central and Northern India.” Ahmad Added.
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