J&K Bank eyes Rs 1 lakh crore biz in FY13

Private sector lender Jammu & Kashmir Bank has surpassed the business target of Rs 85,000 crore for FY12 and aims to reach the Rs 1 lakh crore target during the current fiscal.

"We had set a business target of Rs 85,000 crore for the year 2011-12 and we are happy to note that we have surpassed the target," Chairman and Chief Executive Mushtaq Ahmad said in a release here today.

He also said the bank aims to reach Rs 1 lakh crore business in the current financial year.

"The bank has set a business target of Rs 1 lakh crore and net profit of Rs 1,000 crore for this financial year," he said.

The bank said it recently received high safety ratings to its term deposit programme from credit rating agency Crisil.

"With our network of over 600 branches, we exhibit high NPA [non-performing asset] coverage ratio and this is the biggest strength we have against our peers. We also have been playing a dominant role by offering reliable banking services in Jammu & Kashmir," Ahmad said.

The bank had posted a net profit of Rs 213 crore for the December quarter, up 27% over the corresponding period last year.