Notwithstanding the controversy surrounding recently announced Relationship Executive post results, J&K Bank pocketed a net profit of Rs 307.92 crores for the quarter ended June 2013, which is up by 25.12 percent from Rs 246.09 crores earned during the corresponding quarter of the previous financial year.
The Bank announced its financial results for the first quarter today following the approval of its Board of Directors at a meeting held here on August 1.
The Bank’s operating profit witnessed a Year on Year (YoY) growth of 15.85 percent and reached to Rs 480.99 crores from Rs 415.17 crores recorded during the corresponding period of the previous year.
The Earnings per Share jumped to Rs 63.52 which is up (YoY) by 25.11 percent from Rs 50.77 recorded during the corresponding period of the previous year.
The Net Interest Margin (NIM) has appreciated to 4.15 percent from 3.84 percent recorded for the corresponding period of the previous year. The Return on Assets (RoA) has increased to 1.89 Percent from 1.68 percent as recorded for the corresponding period of the previous year.
The Bank’s net interest income increased by 22.27 percent YOY to Rs 654.90 crores during the quarter from Rs 535.63 crores earned during the corresponding period of the previous year.
The asset quality of the bank remains stable as Gross NPAs stood 1.67 percent for the quarter. The Net NPA ratio of the Bank stands at 0.14 percent, one of the best in the industry. The NPA Coverage ratio is at 94.01 percent.
The total business of the Bank is up by 13.37 percent when compared with the corresponding period of the previous year.
The Deposits grew by 10.32 percent for Q1 FY13-14 to stand at Rs 58601.09 crore as against Rs 53117.10 crore for Q1 FY 12-13. The advances have increased by 18.23 percent to Rs 39282.20 crores from Rs 33225.27 crores as recorded during the corresponding period of the previous year.
The Bank added 162 business units and around 300 ATMs to its expanding network across the state.
“We feel encouraged by the results,” Mushtaq Ahmad, Chairman and CEO of J&K Bank, said. “The first quarter results are healthy to sustain our growth momentum well into future despite the severely stressed economic conditions in the country.”
Sopore police on Thursday said that they “busted a HM module” involved in the recent killing of an SPO and attack on a Sarpanch in Sopore.
The statement quoting district police authorities said that after the recent attack on a Sarpanch, Khizar Mohammad Paray of Krankshivan and the killing of Mudassir Ahmad Dar, an SPO at Untoo Hamam, Sopore Police with the assistance of Army and CRPF started the investigation of these attacks.
“During the investigation, on an eye witness account, a suspect Asif Ahmad Dar, alias Ashmate son of Ghulam Hassan Dar resident of Mumkak Sopore was identified,” the statement said adding to effect his arrest, Sopore police, 22 RR and CRPF laid a cordon of the house of Asif Ahmad Dar, but he jumped from the second storey of his house and attempted to fire upon Police, party. “But his pistol got stuck and he was apprehended after being overpowered,” police said.
The statement further added that on his disclosure and as well as eye witness account one more suspect, Aqib Ahmad Mir son of Mohammad Ramzan Mir resident of Khawaja Gilgit Sopore was also arrested and one more pistol was recovered from his possession.
“The duo revealed involvement of two more individuals in commission of crime and conspiracy,” Sopore police told reporters. Both the accused namely Mehrajudin Rather alias Shabir son of Gulzar Ahmad and Fayaz Ahmad Lone son of Abdul Rashid residents of village Krankshivan Sopore were also arrested by Police with the assistance of 52 RR and CRPF. “Two more pistols were recovered from their possessions,” Police claimed.
According to police, on July 28, the accused Asif Ahmad Dar and Aqib Ramzan Mir went to Untoo Hamam and attacked SPO Mudasir Ahmad Dar killing him on spot. Mudasir was a member of anti-narcotics squad of Sopore Police.
During questioning police said, “It also surfaced that they were affiliated with Hizbul Mujahideen (HM) militant outfit working under direct command of HM Commander, Imtiyaz Ahmad Kandoo alias Fayaz and another HM militant Mehrajudin Halwai, who had plans to kill at least 5 more Sarpanchs before Eid-ul-Fitr in Sangrama area.”
“They had received orders directly from HM Supremo, Mohammad Yousf Shah alias Syed Salahudin based in Pakistan, to kill the Sarpanchs,” police claimed.
A series of encounters took place in north Kashmir this week. At least 12 militants were killed in 5-day long gun battle at Hafrada forests in North Kashmir’s Kupwara district. All 12 militants who according to army spokesperson were trying to sneak in were killed so far across Kupwara forests. Two Indian soldiers were also injured in the encounter.
It is believed that during past two weeks, government forces came in contact with militants three times in Hafruda forests; however militants managed to give them a slip.
In the middle of frequent encounters in valley, the union home minister Sushil Kumar Shinde has said that there is considerable ‘improvement’ in security situation in Jammu and Kashmir, “There is decline in the number of militancy related incidents this year till June as compared to previous year, there has been an increase in the casualties of security forces as well as the civilians.”
Shinde has also said that the Army and forces had registered major success against militants.
Reports are suggesting that a massive hunt has been started in most parts of the North Kashmir’s Hafrada forests, Shamswari, Badnimal, Hagnikoot, Baliyan Behak, Waderballa, Rajwar and its adjoining areas in frontier district of Kupwara to track down a group of militants following intelligence inputs. Helicopters were used in these forest areas several times to locate militant groups.
The Army has apprehensions that a fresh militant group might have entered through Tanghdar or Keran Sector, as in recent past there was a surge in infiltration attempts. During last week, Army near the LoC in Keran had noticed a group of militants sneaking into this side, “When they were challenged in Keran on this side, the militants opened fire which was retaliated triggering an encounter. However, after a brief gunfight an unidentified militant was killed and others managed to escape.”
While an encounter was going on in Hafrada forests, another encounter was going on in the Machil sector and it is believed that a group of 5-6 militants managed to sneak in to this side about 2.5 Kilometers at Boriwallan Nad near Jalender post.
In Churanda area of Uri sector another encounter broke out between militants and troops of 3 DOGRA.
A double bench of the State High Court after accepting the application of jailed Dr Ashiq Hussain Faktoo, alias Dr Qasim has fixed October 8, to decide about his fate whether he has to remain behind bars till his death or not.
Dr Qasim Faktoo had moved an application against the decision of a single bench that life imprisonment means imprisonment for the whole life.
Dr Faktoo who has been awarded life imprisonment in the murder case of H N Wanchoo in 90s, has filed the appeal through his counsel advocate Mian Abdul Qayoum.
Reports said that a division bench of High Court comprising Chief Justice M M Kumar and Justice D S Thakur has admitted the petition after advocate Qayoom argued that the term “life” means entire life is not applicable to Jammu And Kashmir State.
He said the state of Jammu and Kashmir has its own law and as per state Prisons Act and jail manual, the life imprisonment means only 20 years so the Supreme Court judgment cannot overrule this law.
Reports added that after hearing the arguments, the double bench has fixed the case for final hearing on October 8.
Pertinently, single bench of the state high court had earlier dismissed the petition of Dr Faktoo, seeking his release after serving more than 20 years in jail.
Medical Council of India (MCI) recently decided to increase the intake capacity of Government Medical Colleges of Srinagar and Jammu from 100 to 150 and that of SKIMS Medical College, Bemina from 50 to 100.
The hike in the intake capacity of these colleges had become necessary as the state is facing a shortage of qualified medicos due to the expansion of health infrastructure, more so in rural and hilly areas. Also the intake capacity of the GMCs was fixed some 40 years ago after which it was never reviewed.
Taj Mohi ud Din, Minister for Medical Education, Youth Services & Sports, who had pursued the enhancement of seats in the J&K medical colleges in view of the increased demand of medicos, Wednesday directed the J&K Board of Professional Entrance Examination (BOPEE) to include the 150 MBBS seats also which were increased by the Medical Council of India (MCI) recently.
This follows a letter of confirmation of seats’ increase in the state run medical colleges of J&K from the Board of Governors of MCI received Wednesday, the spokesman said.
Immediately, the Minister directed the BOPEE to make necessary arrangements to include these seats also while framing the merit lists of the entrance test for which the students appeared last week only and not let the seats get lapsed.
After Taj Mohi ud Din proposed to increase the seats in medical colleges of the state to meet the demand of qualified medicos, the state government took the proposal to New Delhi and Union Minister for Health & Family Welfare, Ghulam Nabi Azad also pushed for the same and after many decades the seats of medical colleges in the state were increased from 250 to 400 and it would be in effect from current session.
For the first time in the history of Women’s college, Moulana Azad road Srinagar, the fight between the ‘rival groups’ came out of the walls of the college on Wednesday. The girls were protesting against the alleged discrimination on the part of college administration.
The protesters informed that some girls were busy in playing cricket and asked others, who were roaming in that ground, to move but their refusal resulted in the brawl between the two groups. The fight resulted in injuries to many students including the one who was hit on a vital organ.
The protesting girls were raising slogans against the college administration and alleged that whenever such incidents happens they simply turn close their eyes.
Some protesters were also raising slogans for the closure of all sports related activities in college. They said that the sports ground, located at the back of the college is den of various ‘illegal activities.’
While some students alleged that girls who were protesting in Lal chowk were the actual culprits.
The fight happened some days ago when a student was asked to move out of the ground by girls playing cricket. But she refused. The next day she was attacked by the ‘sports girls’ near Lambert lane, in Lal chowk with a knife. She still has the cuts and wounds on her neck.
Girls who came to press enclave to protest against the alleged patronage of college administration to some girls said that women’s college has became den for illegal activities including drug addiction and immoral activities.
The principal of the college, Prof Shaheen Altaf repeatedly informed that the fight was between the two girls outside college so administration cannot comment over it.