The Chairman’s Message

Dear Shareholders,

It gives me great pleasure to place before you the highlights of your Bank’s performance during the financial year 2016-17. Details of the achievements and initiatives taken by your Bank are provided in the enclosed Annual Report for the year 2016-17.

Global economy stagnated in 2016 with GDP growth of 3.1% as per the latest IMF estimates. Economic activity in advanced economies eased moderately compared to the previous year, with sluggish performance of the US being the major contributor. Meanwhile, emerging economies performed relatively better.

The good thing is that the modest pick-up in economic activity which began in the second half of 2016 is gaining momentum this year. Japan recovered during the first quarter of this year against the backdrop of strong exports and investments related to the Tokyo 2020 Olympics.