H1 net profit up 35%
Bank will continue to focus on mainstay of states economy- Mushtaq Ahmad
Srinagar – J&K Bank is all set to achieve a net profit target of Rs.1000 crore and business target of Rs.100000 crore (Rs. One lac crore) by March 2013. The Bank registered a net profit of Rs 515.62 in the first six months ended September 2012. The increase in the net profit is 35% when compared with Rs 381.94 crore of the corresponding period of the last financial year (2011-2012).
For the second quarter (Q2), the bank registered a net profit of Rs 269.53 Cr as against Rs 199.65 Cr recorded for the corresponding quarter of last financial year. Thus, registering an increase of 35 % during the period.
Following the approval of its Board of Directors in a meeting held here, the Bank announced these reviewed quarterly/half yearly financial results for the period ended September 30, 2012.
The business of the Bank reached Rs 89,198 Cr witnessing an increase of 17.89% from Rs 75,660 Cr recorded during the corresponding period last FY.
The interest income has grown by 34.60 % to Rs 2976.75 Cr.
The operating profit has gone up by 33.17% from Rs 629.15 Cr to Rs 837.85 Cr. The NPA Coverage Ratio increased to 93.30% from 92% recorded during the corresponding period last FY.
The Banks Earnings per Share have considerably increased by 35% reaching 212.72 from 157.57.
Commenting on the results, Chairman and CEO Mr. Mushtaq Ahmad said, The results are encouraging and we hope to achieve our target figures for the FY 2012-13 well in time. Our key ratios have improved further.
However, in the coming quarters we will speed up the consolidation of expanding structural and systematic frameworks.
With Banks massive out-reach campaign unfolding across production belts of the state, he said, Agriculture have received special focus in our lending policy during the current financial year.
Dwelling briefly upon this, Chairman said, Under the Apple Project in two districts of Baramulla and Shopian, the Bank has already financed 16300 growers to the tune of Rs 343 Cr. Besides, 1.38 lacs Kissan Credit Cards (KCC) have been issued to farmers across the state till date amounting to Rs 471 Cr.
The Bank plans to extend the Apple Project to all districts of J&K soon. This is in addition to the finances pumped by the Bank in the agricultural sector, which is more than Rs 1200 Cr, he added.
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