SRINAGAR: J&K Bank today posted 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 August1, 2013.
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.
Meanwhile, the bank shall continue to focus on the priority sector credit in the state, so as to give boost to the agriculture and allied activities and achieve the targets well in time.
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