Muzaffarabad Bank Records Significant Growth in Assets and Deposits

Muzaffarabad, The Muzaffarabad Bank of Azad Jammu and Kashmir has seen a notable increase in its assets and deposits in the early months of this year. The assets of the bank grew by Rs 11.19 billion, reaching a total of more than Rs 43.758 billion, while deposits surged by over 34%.

According to Bank of Azad Jammu and Kashmir, the positive developments were highlighted during a review meeting chaired by Shahid Shahzad Mir, President and Chief Executive Officer of the bank. The meeting discussed various business metrics including profits, domestic remittances, and deposits. The total assets of the bank were Rs 32.560 billion at the end of December 2023, and have since increased significantly. The leadership attributes this growth to a robust business strategy endorsed by Prime Minister Chaudhry Anwar Haq and Finance Minister Khan Abdul Majid Khan, alongside the effective governance by the bank’s Board of Directors.

During the meeting, the CEO extended his gratitude to the government, customers, and all stakeholders for their ongoing support and trust, which he credited for the bank’s current financial health and profitability. The bank remains committed to continuing its growth trajectory and further enhancing its status as a leading financial institution in Azad Kashmir.

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