30th July 2011
Srinagar
J&K Bank Q1 net profit soars 25% to Rs 182.2 cr . <i>"We will strengthen our focus to bridge gap between credit demand and supply in J&K" -Chairman</i>
Jammu & Kashmir Bank today recorded its net profit of Rs 182.2 crore for the first quarter ended June 30, 2011.In the corresponding quarter of last financial year, the bank's net profit was Rs 145.9 crore, which ,means that the bank's net profit has jumped by 25 per cent.
The reviewed financial results were recorded by the Board of the bank in its meeting held today.
While commenting on the performance of the bank in the first quarter of the current financial year, Chairman and CEO of the bank, Mushtaq Ahmad said, "Our impressive growth is the outcome of our new business strategy which has enabled the Bank to convert the challenges into opportunities. The Bank is emerging as a stronger Bank with sound fundamentals. A growth of almost 25% in net profit is matching our ambitious target for garnering a business of Rs.100,000 Crores with a Net Profit of Rs.1,000 Crores by March 2013."
He said that for increased business target the bank won't compromise on achievement of customer satisfaction. "Our focus would continue to be to bridge the gap between credit demand and supply in J&K State.
The Chairman said that plans for large scale increase in branch network, especially in unbanked and under-banked areas in J&K State and at all important commercial centers of the country had already been drawn. "J&K Bank has devised an economically inclusive plan wherein by March 2015 the Bank has volunteered to provide banking facilities to 3000 under/unbanked areas across the state," he said.
The chairman further stated that the policies of the Bank would be aimed at socio economic development of the State by active participation in financing employment generation and poverty alleviation programmes of the State Government particularly Sher-i-Kashmir Employment and Welfare Programme for Youth (SKEWPY) promoted by the State Government. As a hand holding measure and to achieve the objective of alternate employment generation the Bank has constituted a task force for monitoring implementation of this scheme.
The reviewed financial results were recorded by the Board of the bank in its meeting held today.
While commenting on the performance of the bank in the first quarter of the current financial year, Chairman and CEO of the bank, Mushtaq Ahmad said, "Our impressive growth is the outcome of our new business strategy which has enabled the Bank to convert the challenges into opportunities. The Bank is emerging as a stronger Bank with sound fundamentals. A growth of almost 25% in net profit is matching our ambitious target for garnering a business of Rs.100,000 Crores with a Net Profit of Rs.1,000 Crores by March 2013."
He said that for increased business target the bank won't compromise on achievement of customer satisfaction. "Our focus would continue to be to bridge the gap between credit demand and supply in J&K State.
The Chairman said that plans for large scale increase in branch network, especially in unbanked and under-banked areas in J&K State and at all important commercial centers of the country had already been drawn. "J&K Bank has devised an economically inclusive plan wherein by March 2015 the Bank has volunteered to provide banking facilities to 3000 under/unbanked areas across the state," he said.
The chairman further stated that the policies of the Bank would be aimed at socio economic development of the State by active participation in financing employment generation and poverty alleviation programmes of the State Government particularly Sher-i-Kashmir Employment and Welfare Programme for Youth (SKEWPY) promoted by the State Government. As a hand holding measure and to achieve the objective of alternate employment generation the Bank has constituted a task force for monitoring implementation of this scheme.