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Tribune News Service
Srinagar, January 13
J&K Bank has reported the net profit of Rs 250.09 crore for nine months ending December 31 as compared to Rs 174 crore reported for the same period in the previous fiscal. It makes it an increase of 43 per cent.
The bank announced its results for the third quarter on Saturday. It recorded profit of Rs 103.75 crore as compared to 72.47 crore for the same quarter last year. The growth in credit has been reported at 22 per cent over the last year and the net interest income — the difference between interest earned on loans and that paid on deposits — grew to Rs 2,452 crore as compared to Rs 2,215 crore in nine month for the last financial year.
Expressing satisfaction with the results, Parvez Ahmed, chairman and CEO of the bank, said, “The bank has been able to maintain consistency in its growth rate and earnings. Our focus on the expansion of credit has strengthened our core income with a credit growth rate of 22 per cent, which is spread across all regions of the state with traction in all sectors, especially retail and small and medium-sized enterprises.”
“I believe this is our resilience getting visible. We have received unflinching support from the state government, loyalty from our customers, emotional equity with our people and consistent efforts from the dedicated human capital of the bank, who have done a commendable job during turbulent times over the last two years. From now on, the bank will focus on the transformation exercise by aggressively implementing the Business Plan-2022 prepared in consultation with management consultants,” he said.
A J&K Bank statement said the total business as on the close of 2018 stood at Rs 1,57,279 crore, comprising deposits of Rs 86,210 crore and gross advances of Rs 71,069 crore as compared to Rs 1,36,936 crore a year ago, making it an increase of around 15 per cent.
Q3 profit: Rs 104 cr
The bank announced its results for the third quarter on Saturday. It recorded profit of Rs 103.75 crore as compared to Rs 72.47 crore for the same quarter last year. The growth in credit has been reported at 22 per cent over the last year and the net interest income — the difference between interest earned on loans and that paid on deposits — grew to Rs 2,452 crore in nine month for the last financial year.