J&K Bank Surpasses 100000 Cr Business, 1000 Cr Profits

KL Report

SRINAGAR

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The Chairman and CEO of J&K Bank Mushtaq Ahmad

Surpassing its set target for the financial year 2012-13, J&K Bank has posted net profit of Rs 1055.10 crores against net profit of Rs 803.25 crores for the previous year, registering Year-on-Year growth of 31.35%. In its Platinum Jubilee year, the Bank’s Board of Directors have recommended special dividend of 500% (previous 335%) subject to the approval of shareholders at the ensuing Annual General Meeting.

As per a statement the Bank has posted net profit of Rs 250.08 crores for Q4 ended March 2013 which is up by 20.16 % from Rs 208.12 crores recorded for the corresponding period of the previous financial year.

The audited financial results for the fourth quarter ended March 2013 were announced following the approval of Bank’s Board of Directors in their meeting held here at Corporate Headquarters on Wednesday.

“The Business of the Bank registered an increase of Rs 16998 crores during the FY 2012-13 reaching Rs 103421 crores thereby recording a growth of 19.67%. Deposits during the period were up by 20.38 % reaching Rs 64220 crores”, reads the statement.

It further reads that the Loans and Advances of the Bank stood at Rs 39200 crores registering growth of 18.51% in comparison to Rs 33077 crores at the end of March-2012.

Against the regulatory norm of 70% the NPA Coverage Ratio of the Bank is at 94.01% for the year ended March 2013.

The total income of the Bank is up by 28.06 % having increased to Rs 6620.53 Cr from Rs 5169.70 Cr recorded during the previous year.

The operating profit of the Bank during this period has increased from Rs 1370.33 crores to Rs 1810.76 crores.

All key ratios have registered improvement during the year. The Net worth is at Rs 4864.69 crore (up by 18.85%), Earnings per share at Rs 217.65 (up by 31.35%) and Net Interest Margin (NIM) at 3.97 % against 3.84%. Return on Assets has improved from 1.56% to 1.70% reflecting strong fundamentals of the Bank.

During the year 2012-13 the Bank opened 70 new Business Units thereby increasing its network to 685 while as 105 ATMs were commissioned during this period taking their number to 613.

Meanwhile the Chairman and CEO of the Bank, Mushtaq Ahmad has said, “In the Platinum Jubilee year of Bank’s journey, it gives me great pleasure to announce that we have surpassed our target of Rupees one lac crore business and Rupees one thousand crore net profit.”

“We are satisfied with the results. It has all been made possible by our consistent and sustained efforts; a fruition of our long-lasting commitment to our customers, stakeholders and society,” he added.

About the upcoming challenges, he has said, “Within the current economic scenario, the multiple challenges call for sustained engagement with dynamic risk-frameworks, complex work environs, building strong intra and inter-institutional relationships. We are ready to meet these challenges through strategic vision, dynamic leadership and quality human resource.”

On improving the Credit-Deposit Ratio in the state, he has said, “We do have an evolving credit policy that is working upon the rising prospect of credit off take in the growing infra-structural needs of the state. Besides we plan to increase our small ticket-size, SME and corporate loan-book through innovative product mix for various large and niche segments of country’s economy.”

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