J & K Bank H1 Net Vaults 76% To Rs 44.5 Cr

Jammu & Kashmir Bank Ltd, a private sector bank, has posted a 76 per cent rise in net profit for the half year ending September 30, 1998. Net profit stood at Rs 44.54 crore against Rs 25.35 crore for the corresponding first half of last year, a statement from the bank said. Total income rose by 35 per cent to Rs 351.44 crore from Rs 259.30 crore last year, it added.

The bank's deposits stood at Rs 5,286 crore, a rise of 38 per cent, or Rs 3,843 crore, over the previous year. Net advances grew by 36.6 per cent to Rs 2,194 crore against Rs 1,606 crore. Investments stood at Rs 2,814 crore, including around Rs 200 crore in corporate debt.

Apart from working capital, the bank extends term loans also although these constitute about 15 per cent of its total lending. While its main exposures is to handicrafts, agriculture and allied sectors, it is planning to extend its exposure to infrastructure projects and to blue-chip corporate accounts, said MY Khan, chairman of the bank.

The bank expanded its branch network to 379 branches from 363 branches a year ago. Apart from its home state of Jammu & Kashmir, it has a wide presence in Maharashtra also.

It plans to introduce technology based services including Automated Teller Machines (ATMs), electronic transfer, and telebanking. It has installed two ATMs at Srinagar and Jammu, the first in northern India (outside of New Delhi and Chandighar), the statement said.