31st October 2011
Srinagar
J&K Bank Net profit at Rs.382 cr for 1st half year, Business at Rs.76000 crores
We would continue to play active role for all the viable projects in the state– Mr. Mushtaq Ahmad
While registering yet another spectacular performance, J&K Bank has recorded a business turnover of around Rs.76000 crores for the first half year ended September 2011. The net profit of the bank increased to Rs 382 crores witnessing an increase of 24% compared to Rs 309 crores earned during the corresponding half of the previous year.
The reviewed financial results for the half year ended Sep, 2011, were announced following the approval of its Board of Directors in a meeting held here today.
Commenting on the results, Chairman and CEO Mr. Mushtaq Ahmad said, "Driven by better liability management and operating efficiency, our financial results for the half year of the current fiscal adequately reflect our operational strength for robust and sustainable growth. The priorities set for our balance sheet have been met and the current financial results reflect that we have successfully leveraged our balance sheet to a large extent."
He said during the current financial year the Bank expects to mobilize business aggregating to Rs. 85000 crore while the target for the next year has been fixed at Rs. 100000 crores. Similarly, the profit of the Bank is likely to grow to Rs. 1000 crore in 2012-13."
"As the premiere developmental institution of the state we would continue to play our role as an active partner for all the viable and sustainable projects in the J&K state," he said.
Notably, the bank has emerged as the best bank in the whole private sector category in the country in a survey conducted recently by the Financial Express setting different parameters. After which JK Bank has been given rank number one for strengthening, consolidating its balance.
The Chairman further said, "Our policies are driven by our commitment to empower the people of state in socio-economic sense. And we see our youth as a huge resource to drive and lead this socio-economic development through entrepreneurship, efficiency and honesty".
While playing a crucial role in bringing glory to the business environment in the state, the bank has even put in place an easy finance scheme for local small traders at soft terms and conditions.
The chairman said that providing a financial boost to all the sectors of local economy through innovative sector-specific products remain our priority. At the same time, we have reactivated and revived our business relations with the corporate across the country.
The NPA Coverage Ratio of the bank as on Sep, 2011 is above 90% which is well above the RBI stipulated norm of 70%.
The Bank's Deposit base was strengthened by Rs.7737 crores and stood at Rs 47425 crores. The advances of the bank have increased from Rs.23183 crores as at the end of September 2010 to Rs.28236 crores as on 30-9-2011. Thus registering an increase of 21.80%. Credit deposit ratio of the bank at the end of the said period was recorded at 59.54%.
While registering yet another spectacular performance, J&K Bank has recorded a business turnover of around Rs.76000 crores for the first half year ended September 2011. The net profit of the bank increased to Rs 382 crores witnessing an increase of 24% compared to Rs 309 crores earned during the corresponding half of the previous year.
The reviewed financial results for the half year ended Sep, 2011, were announced following the approval of its Board of Directors in a meeting held here today.
Commenting on the results, Chairman and CEO Mr. Mushtaq Ahmad said, "Driven by better liability management and operating efficiency, our financial results for the half year of the current fiscal adequately reflect our operational strength for robust and sustainable growth. The priorities set for our balance sheet have been met and the current financial results reflect that we have successfully leveraged our balance sheet to a large extent."
He said during the current financial year the Bank expects to mobilize business aggregating to Rs. 85000 crore while the target for the next year has been fixed at Rs. 100000 crores. Similarly, the profit of the Bank is likely to grow to Rs. 1000 crore in 2012-13."
"As the premiere developmental institution of the state we would continue to play our role as an active partner for all the viable and sustainable projects in the J&K state," he said.
Notably, the bank has emerged as the best bank in the whole private sector category in the country in a survey conducted recently by the Financial Express setting different parameters. After which JK Bank has been given rank number one for strengthening, consolidating its balance.
The Chairman further said, "Our policies are driven by our commitment to empower the people of state in socio-economic sense. And we see our youth as a huge resource to drive and lead this socio-economic development through entrepreneurship, efficiency and honesty".
While playing a crucial role in bringing glory to the business environment in the state, the bank has even put in place an easy finance scheme for local small traders at soft terms and conditions.
The chairman said that providing a financial boost to all the sectors of local economy through innovative sector-specific products remain our priority. At the same time, we have reactivated and revived our business relations with the corporate across the country.
The NPA Coverage Ratio of the bank as on Sep, 2011 is above 90% which is well above the RBI stipulated norm of 70%.
The Bank's Deposit base was strengthened by Rs.7737 crores and stood at Rs 47425 crores. The advances of the bank have increased from Rs.23183 crores as at the end of September 2010 to Rs.28236 crores as on 30-9-2011. Thus registering an increase of 21.80%. Credit deposit ratio of the bank at the end of the said period was recorded at 59.54%.