#Day33: J&K Bank Earns Rs 22.88 Cr As Q1 Net Profit, Appoints 2 New Directors

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SRINAGAR

J&K Bank Corporate headquarters in  Srinagar. Pic: Bilal Bahadur
J&K Bank Corporate headquarters in Srinagar. (KL Image: Bilal Bahadur)

J&K Bank Wednesday posted a net profit of Rs 22.88 Cr for the quarter ended June 2016.

The Bank announced its reviewed financial results for the quarter ended June 2016 today following the approval of its Board of Directors at a meeting held here at Corporate Headquarters of the Bank, a company statement said this evening.

The board also approved the appointment of two new directors namely Mohammad Ashraf Mir, President Federation Chamber of Industry Kashmir (FCIK) and Mohammad Maqbool Rather, retired Joint Director Planning, J&K Government.

Meanwhile, Reserve Bank of India (RBI) replaced its director on the banks’ board J P Sharma with Yogesh Kumar Dayal, who is General Manger RBI based in Lucknow.

During the quarter under review, total advances of the bank recorded a YoY growth of 12.91 pc and reached Rs 48854.42 Cr from Rs 43267.28 Cr, while as the total deposits increased by 10.81 pc from Rs 62264.91 Cr to Rs 68999.80 Cr.

The total business of the bank has grown to Rs 117854.22 Cr from Rs 105532.18 Cr thereby registering growth of 11.67 pc.

Chairman JK Bank Mushtaq Ahmad
Chairman JK Bank Mushtaq Ahmad

The operating profit of the bank recorded for the quarter under review is at Rs 349.31 Cr.

The Bank’s Net Interest Income for Q1 stood at Rs 632.60 Cr as against Rs 694.84 Cr recorded during the corresponding quarter of previous year, while as the Non-interest income is Rs 116.70 Cr.

The Net Interest Margin (NIM) of the bank stood at 3.38 pc and the CD Ratio as on June 30, 2016 is 70.80 pc as against 69.49 pc recorded during the corresponding period last year.

Chairman Speaks

As the banking industry is passing through the consolidation phase, our Q1 results are very much on the expected lines. Strengthening of balance-sheet continues to be our focus besides resolution and recovery of NPAs.

The road to recovery is slow and steady but we are certainly moving forward. Hopefully, next two to three quarters will help us gather our poise for better and sustainable growth, profitability.

During the quarter, the bank added 25 ATMs and 5Business Units raising total number of branches to 861and ATMs to 1032.

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