J&K Bank Q1 net profit jumps 22%

Srinagar: J&K Bank today posted a net profit of Rs 158.76 Cr for the quarter ended June 2015 thereby registering growth of 22.08 % over Rs 130.05 Cr recorded for the corresponding quarter of last financial year.

The Bank announced its reviewed financial results for the quarter ended June 2015 today following the approval of its Board of Directors at a meeting held here at Corporate Headquarters of the Bank.

The Bank’s net interest income for Q1 increased by about 9 % in the quarter under review and is at Rs 694.84 Cr as against Rs 637.69 Cr while as the Non-interest income improved to Rs 135.62 Cr as against Rs 130.99 Cr recorded during the corresponding quarter of the previous year.

The Net Interest Margin (NIM) jumped to 3.93 % as against 3.63 %, while as the Return on Assets (RoA) has improved to 0.88 % as compared to 0.72 % recorded during the corresponding period of the previous year.

The operating profit is Rs 458.31 Cr as against Rs 447.52 Cr recorded during the corresponding period of previous year.

The Deposits of the bank were at Rs 62264.91 Cr while as the advances have reached Rs 43267.28 Cr, taking the total business of the bank to Rs 105532.19 Cr as on 30.06.2015.

The Net NPA ratio of the bank stood at 2.95 % for the quarter, while as the Provision Coverage Ratio (PCR) is 60.68 %.

The Capital Adequacy Ratio of the bank under BASEL (II) is 13.11 % while under BASEL (III) it is 12.93 % as on June 30, 2015 against regulatory stipulation of 9%.  During the quarter, the bank added 21 ATMs and 4 Business Units raising total number of branches to 821 and ATMs to 906.

Notably, the Q1 profits have increased by 56.24 % when compared with the bank’s profits earned in Q4 of the FY 2014-15.

Meanwhile, in order to increase the operational efficiency in J&K, the zonal structure of the Bank has been re-organized thereby creating 4 more business zones (with 2 each for Kashmir and Jammu division) taking their number to 11 in the State. The decision is part of a consolidation process that augments the banks expansion plans.

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