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| J&K Bank's June qtr net rises 24% |
| Press Trust Of India / Srinagar Jul 16, 2009, 00:41 IST |
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Despite adverse market conditions prevailing in the state, Jammu and Kashmir Bank has registered a business turnover of Rs 51,975.56 crore during the quarter ended June 2009.
Its operating profit stood at Rs 256 crore, recording a 41 per cent increase over the corresponding period of the last year.
The bank made a net profit of Rs 117.05 crore, up 24 per cent over Rs 94.56 crore registered in the corresponding period of the previous year, a bank spokesman said On Wednesday.
He said the bank had tailored a wide range of financial products to suit various sectors of the economy, which contributed to the healthy performance of the bank.
This initiative had resulted in “tapping the unexplored areas of our economy and enhanced our outreach to unbanked areas in the state,” he said.
The spokesman said the bank had also leveraged technology to maximise efficiency and brought down operating expenses.
The bank announced the unaudited financial results for the quarter, following its approval by its board of directors.
The spokesman said gross non-performing assets (NPAs) and the net NPAs as a proportion of gross and net customer assets for the quarter ended June 2009 were at 2.44 per cent and 0.77 per cent, respectively.
The NPA coverage ratio, which is an indicator of safety and shows the level of provision a bank has made for its bad assets, has gone up to 68.79 per cent from 59.53 per cent a year ago.
It is now among the highest in the industry. As a result of efficient leveraging of its assets, the bank has been able to bring down its cost to income ratio to 32.79 per cent from 37.66 per cent a year ago.
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