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| J&K Bank posts Rs 315.75 cr as profit for Q4, highest since Jan-March 2014 | | Really an outstanding turnaround in numbers, says CMD R K Chhibber | |  EARLY TIMES REPORT
SRINAGAR, June 17: Posting its highest quarterly profit since January-March quarter of FY 2013-14, J&K Bank today capped its incredibly progressive performance by delivering Q4 profits of Rs 315.75 Cr despite COVID-19 pandemic induced disruptions while clocking decent annual profits of Rs 432.12 Cr for the Financial Year 2020-21.
The bank declared its Q4 and FY 2020-21 annual results today after the Bank’s Board of Directors approved the numbers in a meeting held here at the bank’s Corporate Headquarters.
“It is really an outstanding turnaround in numbers amid the devastating impact of the second-wave of COVID-19 pandemic across the country. We have successfully braved the challenges with our steely resolve, prudent balance-sheet management and effective guidance from our Directors-on-Board.
The numbers especially of Q4 results are very encouraging and will generate a long-term organizational momentum for the steady growth of business while cementing our collective resolve to march ahead and implement the government’s vision of self-reliant, entrepreneur-friendly and socially-inclusive economy”, commented the Bank’s Chairman & Managing Director R K Chhibber on the occasion.
Regarding the bank’s asset-quality, the CMD asserted, “It is because of the war-footing efforts put in at all levels of operations by the staff soon after Honourable Supreme Court withdrew its direction to banks to withhold the classification of accounts as NPAs. Notably, we were able to restrict our slippages to below Rs 1000 Cr as against the proforma NPA figure of about Rs 4600 Cr disclosed in our Q3 results. Despite getting a short window of just 7 days post revocation of earlier directions by the honorable Supreme Court, we successfully conformed with the assertions and assurances given to the market.”
Regarding the business growth, the CMD said, “Keeping in view the market conditions post Covid19, we have witnessed a decent growth of over 10% in deposits along with modest increase of 4% in credit off-take mainly because bank has for the time being deprioritized corporate lending in the rest of India. But overall we are well positioned to gain momentum and follow our trajectory of growth in coming quarters.”
Meanwhile, adapting to the real-time functioning of financial services sector and bring in an element of agility in the operations of bank’s business, the bank has decided to conduct ‘Monthly Business Performance Reviews’ of all its Zones to sharpen its focus on business and allied processes to further improving its service delivery systems. |
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