Pahalgam Attack: Minimal Impact on Jammu and Kashmir Bank Despite Economic Concerns
Despite the devastating terror attack in Pahalgam that claimed 26 lives, Jammu and Kashmir Bank's exposure to the tourism sector is minimal, making the direct financial impact limited. The bank's MD, Amitava Chatterjee, emphasized the resilience of the local community and low default rates, even in economic setbacks.
- Country:
- India
The recent terror attack in Pahalgam causing 26 fatalities is not expected to significantly impact Jammu and Kashmir Bank, according to MD and CEO Amitava Chatterjee. The bank's involvement in the tourism sector, the primary potential victim of any economic backlash, constitutes a mere one percent of its total portfolio, ensuring limited direct repercussions.
Chatterjee highlighted the historical resilience of the local populace in Jammu and Kashmir, noting their high propensity to honor loan obligations. He remarked that despite past economic downturns, default levels remained low, illustrating the robustness of local economic sectors.
In financial disclosures, Jammu & Kashmir Bank announced a drop in net profit, attributing an 8 percent decline to Rs 584.54 crore in the last quarter, even as sequential increases were observed. Chatterjee remains optimistic about the indirect effects of the attack, underscoring ongoing vigilance and community resilience as crucial moving forward.
(With inputs from agencies.)
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