Jammu and Kashmir Bank posts profit of Rs.508.60 crores for fiscal 2014-15

Jammu and Kashmir Bank has posted a net profit of Rs.508.60 crores for fiscal 2014-15.

The audited financial results for the fourth quarter of the year ended March 2015 were announced today following the approval of Bank's Board of Directors in their meeting held here at the corporate headquarters.

For Q4 ended March 2015, the bank posted a net profit of Rs.101.61 crores.

In the meeting, the bank's Board of Directors recommended a dividend of 210 percent to shareholders subject to the approval at the upcoming annual general meeting.

The bank earned an interest income of Rs.7061.13 crores, which is up by 4.35 percent from Rs.6767 crores recorded during the last fiscal.

Bank business stood at Rs.110342 crores as against Rs.115720.46 crore recorded during the last fiscal. Loans and advances stood at Rs.44585.82 crores while deposits reached Rs 65756.19 crores at the end of March 2015.

The total income of the bank is up by 6.96 percent, having increased to Rs.7655.10 crores from Rs.7157.26 crores recorded during the previous year.

Mushtaq Ahmad, the bank's chairman, said, "The stress in country's economy is far from over. Very slow economic growth across the country has compounded the revival of stressed assets in the banking system, which in turn, has resulted in continuation of stress on asset-quality of the banks during the FY 2014-15."

"Improving our asset quality shall engage our total focus till economic growth starts picking up and the NPA scenario improves. Besides, we have put in place a robust mechanism for NPA management enabling us to track down early warning signals in our loan-book.We will maintain our growth momentum and profitability with an improved Net Interest Margin (NIM) during the current fiscal," he added.