JK Bank net profit up by 36%
Have Continued Our Growth Momentum: Mushtaq Ahmad
GK NEWS NETWORK
Srinagar, Feb 4: All set to achieve its business target of Rs one lakh crore and a profit of one thousand crore by the end of this fiscal, J&K Bank Monday posted a net profit of Rs 289.40 crore for the quarter ended December 2012, up by 35.75 percent from Rs 213.19 crore earned during the corresponding quarter of the previous financial year.
The Bank announced its financial results for the third quarter today following the approval of its Board of Directors at a meeting in Jammu.
The total business of the Bank reached Rs 92732 crore, which is up by 18.11 percent as compared to Rs 78513 crore recorded during the corresponding period of the previous year. The deposits during this period grew by 17% to stand at Rs 57074.55 crore as against Rs 48778.94 crore for previous fiscal. The advances have increased by 2019.92 percent to Rs 35658 crore from Rs 29734 crore as recorded during the corresponding period of the previous year.
Commenting on the remarkable performance for the quarter, Mushtaq Ahmad, Chairman and CEO of the J&K Bank said; “We have continued our growth momentum this quarter, as well. We have significantly improved our corporate, retail and treasury banking portfolios. Compared to last two quarters, we have brought down cost of deposits that facilitated us better advancing. This quarter’s net interest margin (NIM) has been the best in last few quarters. All this is mainly because of deploying cost effective funds into lending operations, expanding corporate and treasury base across key markets of India and improving profitability per branch. This quarter, our net profit per branch has been significant.”
“The results are encouraging and we are determined to achieve our targets without losing focus of the implications and impact of our expansion policy in terms of infra-structure, HR, operational efficiency and other critical areas of the Bank,” Mushtaq said.
He said during the last 12 months, Bank’s business has grown by more than Rs 14000 crore which means Rs 1150 crore for every month. “Besides we have opened 100 new Business Units and 120 ATMs,” he said.
The total number of Business Units has reached 662 while as that of ATMs to 581 by the end of December, 2012, he added.
The net profit for the nine months ended December 31, 2012 increased by 35.26 percent as it jumped to Rs 805.02 cr from Rs 595.13 cr registered during the corresponding period of the previous year.
The Bank’s operating profit increased by 34.37 percent YOY to Rs 434.77 cr from Rs 323.56 cr during the corresponding period of the previous year.
The Bank’s net interest income increased by 31.81 percent YOY to Rs 594.20 cr during the quarter from Rs 450.79 cr earned during the corresponding period of the previous year.
The asset quality of the bank has further improved as Gross NPAs declined to 1.61% for the quarter as against 1.80% for the corresponding quarter of the previous year. The Net NPA ratio of the Bank has also decreased to 0.14 per cent from 0.16 per cent recorded during same period of the previous year. This is the best in the industry.
The NPA Coverage ratio has increased to 94.21 percent from 94.07 percent as recorded during same period of the previous year.
The Earnings per Share jumped to Rs 59.70 which is up (YoY) by 35.77 % from Rs 43.97 recorded during the corresponding period of the previous year. Notably, the share price of the bank crossed Rs.1400 mark in the last few trading sessions.
The Net Interest Margin (NIM) has reached 4.07 percent from 3.60 percent recorded for the corresponding period of the previous year. The Return on Assets (RoA) has increased to 1.87 percent from 1.60 percent as recorded for the corresponding period of the previous year.
Notably, the bank contributes in a major way to the priority sector credit in the state.
Lastupdate on : Mon, 4 Feb 2013 21:30:00 Makkah time
Lastupdate on : Mon, 4 Feb 2013 18:30:00 GMT
Lastupdate on : Tue, 5 Feb 2013 00:00:00 IST
- MORE FROM FRONTPAGE
- Khoda is first CVC of JK
- GIRLS’ BAND GIVES IN
- Govt party to ‘despicable drama’: Dr Kaul
- Where is the threat?
- GOVT SHOULD ENSURE THEIR SECURITY: MEHBOOBA MUFTI
- Grand Mufti didn’t threaten the band: Omar
- PDP impeding revocation of AFSPA: NC
- JK Bank net profit up by 36%
- Condemnations galore against Nayeem Khan’s prosecution
- PCI warns against denying govt advts to newspapers
- ‘Condition of Muslims worse than SC, STs’
Directs State To Take Necessary Steps To Impose Ban On Chewing Tobacco Items Containing Nicotine
D A RASHID
Srinagar, Feb 4: Evaluating the response of the state government to the Public Interest Litigation seeking ban on manufacture, sale, storage and distribution of gutka, panmasala and other forms of More
- Srinagar City
‘It reflects lack of vision of NC led regime’
GK NEWS NETWORK
Srinagar, Feb 4: The main opposition party Peoples Democratic Party (PDP) on Monday castigated the State Government over the vandalization of Eidgah ground saying it reflects lack of vision for development More
4 PERSONS, INCLUDING 3 HIZB MILITANTS, HELD FOR KILLING 7 YOUTH
GK NEWS NETWORK
Jammu, Feb 4: Police on Monday said it achieved a major breakthrough by arresting four persons including three former Hizbul Mujahideen (HM) militants involved in the killings of seven youth including More
- South Asia
JI launches e-mail campaign to seek UN’s attention towards K-issue
NISAR AHMED THOKAR
Islamabad, Feb 4: Terming India’s stance on Kashmir issue as “unjustified”, the Secretary General of Jammat-e-Islami Pakistan Liaqat Balooch Monday said that Kashmiris’ struggle for right to self-determination More
PRESS TRUST OF INDIA
Beijing, Feb 4: Maintaining that its move to build three more dams on Brahmaputra river in Tibet will not affect the flows to down stream areas, China today said it is in "communication and cooperation More
Muzaffarabad, Feb 4: Dozens of civil society activists staged a protest demonstration along a bustling thoroughfare here on Monday, calling upon the Chief Election Commissioner of Pakistan to take stock More
Ill-equipped departments, obsolete syllabus and inexperienced faculty worries journalism students
Um Roommana Sulaiman, 23, wants to become a successful television broadcaster like Mishal Husain of the BBC. A 4th semester student of journalism at the Islamic University of Science and Technology Awantipora More