x

Like our Facebook Page

   
Early Times Newspaper Jammu, Leading Newspaper Jammu
 
Breaking News :   Back Issues  
 
news details
J&K Bank earns Rs 22.88 cr as Q1 net profit
Advances up by 12.91%
8/10/2016 9:49:21 PM
Early Times Report
Srinagar, Aug 10: J&K Bank today posted a net profit of Rs 22.88 Cr for the quarter ended June 2016.
The Bank announced its reviewed financial results for the quarter ended June 2016 today following the approval of its Board of Directors at a meeting held here at Corporate Headquarters of the Bank.
The board also approved the appointment of two new directors namely Mohammad Ashraf Mir, President Federation Chamber of Industry Kashmir (FCIK) and Mohammad Maqbool Rather, retired Joint Director Planning, J&K Government. Meanwhile, Reserve Bank of India (RBI) replaced its director on the banks' board J P Sharma with Yogesh Kumar Dayal, who is General Manger RBI based in Lucknow.
During the quarter under review, total advances of the bank recorded a YoY growth of 12.91 pc and reached Rs 48854.42 Cr from Rs 43267.28 Cr, while as the total deposits increased by 10.81 pc from Rs 62264.91 Cr toRs 68999.80 Cr.
The total business of the bank has grown to Rs 117854.22 Cr from Rs 105532.18 Cr thereby registering growth of 11.67 pc.
The operating profit of the bank recorded for the quarter under review is at Rs 349.31 Cr. The Bank's Net Interest Income for Q1 stood at Rs 632.60 Cr as against Rs 694.84 Cr recorded during the corresponding quarter of previous year, while as the Non-interest income is Rs 116.70 Cr.
The Net Interest Margin (NIM) of the bank stood at 3.38 pc and the CD Ratio as on June 30, 2016 is 70.80 pc as against 69.49 pc recorded during the corresponding period last year.
Chairman of the bank Mushtaq Ahmed said as the banking industry is passing through the consolidation phase, our Q1 results are very much on the expected lines. Strengthening of balance-sheet continues to be our focus besides resolution and recovery of NPAs.
The road to recovery is slow and steady but we are certainly moving forward. Hopefully, next two to three quarters will help us gather our poise for better and sustainable growth, profitability.
During the quarter, the bank added 25 ATMs and 5Business Units raising total number of branches to 861and ATMs to 1032.
  Share This News with Your Friends on Social Network  
  Comment on this Story  
 
 
top stories of the day
Discrimination: Kashmiris set to rule JK Bank
Azad strives for a comeback as Congress's JK face
Karan Singh shocks India by his Kashmir comments
As Swachh Bharat Abhiyan completes one year on Gandhi Jayanti
BJP leader steals PDD wire, caught
Career of non-Kashmiri students of NIT Srinagar at stake
Teachers mock at DSE's transfer mela
Mehbooba's bold stand rattles opposition
Youth 'booked' in fake case, beaten; court orders probe
Only two regular doctors appointed against 28 sanctioned posts in Kalakote zone
Pakistani army targets Indian post, Jawan injured; firing continue
60 meters Kathua canal damages as siphon of nallah caves in
Class VI student dies, 12 injured as school bus plunges into rivulet in Bishnah
VDCs along Indo-Pak border put on alert in Jammu
HC directive in PIL against encroachment of Tawi river bed
VOK takes over probe into 'illegal' appointments by Medical Supdtt
PM Modi for equal rights to people of J&K
GPO denies information over ‘Supply of Postal Orders to post offices’
Kashmir at crossroads, people yearn for peace
CM orders setting up of panel over Shahpur Kandi project
Modi Govt says no to talks with separatists
5600 trucks reached valley since unrest: Home Minister
All-party meet on J&K on Friday, PM Modi to attend
Security grid on high alert for August 15 functions
Samba gets 'filthy' potable water supply
Revival of defunct SHRC: HC seeks compliance report by Sept 5
Inordinate delay in recruitment process mocks at whole exercise
Militants attack security picket in Shopian district of Kashmir
Terrorists open fire on civilians, kills one
 
 
 
Early Times Android App
STOCK UPDATE
  
BSE Sensex
NSE Nifty
 
CRICKET UPDATE
 
 
 
 
 
 
 
 
   
Home About Us Top Stories Local News National News Sports News Opinion Editorial ET Cetra Advertise with Us ET E-paper
 
 
J&K RELATED WEBSITES
J&K Govt. Official website
Jammu Kashmir Tourism
JKTDC
Mata Vaishnodevi Shrine Board
Shri Amarnath Ji Shrine Board
Shri Shiv Khori Shrine Board
UTILITY
Train Enquiry
IRCTC
Matavaishnodevi
BSNL
Jammu Kashmir Bank
State Bank of India
PUBLIC INTEREST
Passport Department
Income Tax Department
JK CAMPA
JK GAD
IT Education
Web Site Design Services
EDUCATION
Jammu University
Jammu University Results
JKBOSE
Kashmir University
IGNOU Jammu Center
SMVDU