Login Register
Follow Us

J&K Bank sees 129 pc growth in last fiscal

JAMMU: J&K Bank has reported a 129 per cent growth in the net profit for the financial year 2018-19 at Rs 465 crore as compared to Rs 202 crore in the previous fiscal.

Show comments

Tribune News Service

Jammu, May 17

J&K Bank has reported a 129 per cent growth in the net profit for the financial year 2018-19 at Rs 465 crore as compared to Rs 202 crore in the previous fiscal.

In the March quarter, the bank has reported a profit of Rs 214.8 crore compared to Rs 28.41 crore in the corresponding quarter of FY 2018.

Buoyed by the strong retail credit growth, sale of partial stake in PNB MetLife and the resolution of some large non-performing loans, the total income of the bank rose to Rs 8,487 crore in the FY 2018-19 as compared to Rs 7,116 crore a year ago.

The results for the FY 2018-19 and Q4 FY 18-19 were announced by the bank on Thursday after its board of directors adopted the audited numbers of the bank at a meeting at the corporate headquarters in Srinagar.

The growth in J&K state credit has been reported at 23 per cent over the last year. The net interest income, which is the difference between the interest earned on the loans and that paid on deposits, grew by 42 per cent in the 4th quarter of the financial year 2018-19.

The NIIM of the bank, which is an indicator of profitability, was calculated at 4.05 for the 4th quarter and on full year basis it improved to 3.84 per cent as compared to 3.65 per cent in the previous fiscal.

The Chairman and Chief Executive Officer of J&K Bank, while acknowledging the support and guidance of the board of directors in navigating the bank in challenging times, attributed the turnaround and stellar growth in the top and bottom line of the bank to the unflinching trust of the promoters and customers of the bank, especially from J&K.

He commended the management team, business heads and operative staff for robust credit growth and management of NPAs.

Show comments
Show comments

Top News

Most Read In 24 Hours