J&K Bank eyes profit of Rs 1,800-cr by FY16

The lender had made a profit of Rs 610.6 crore in the first half of this financial year

Jammu & Kashmir (J&K) Bank is targeting a net profit of Rs 1,800 crore by the end of 2015-16. The lender, which recorded a profit of Rs 610.6 crore for the first half of this financial year, estimates net profit for 2013-14 at Rs 1,260 crore.

“Despite the economy in distress and the general industry environment, the bank’s performance has been impressive. Our focus for the last two quarters has primarily been driven by the twin objectives of sustaining growth and maintaining a quality asset book. Pursuing our next growth plans on similar lines, we anticipate crossing the business mark of Rs 1,70,000 crore, with a net profit of Rs 1,800 crore by the 2016 financial year,” Chairman and chief executive Mushtaq Ahmad said in a statement on Wednesday.

At the end of September 2013, the bank’s total business stood at Rs 1,02,292 crore— Rs 41,120.8 crore of advances and Rs 61,171.2 crore of deposits.

Ahmad said the bank would focus on aggressive growth in its home state, while improving its presence in other parts of the country. “We are looking at a 1,000-branch bank within three years. Of these, around 800 must operate in J&K and 200 in the rest of the country,” he added. The bank also plans to open offices in Dubai and London.