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| JK Bank Q4 net up by 31.4% | | | Early Time Report
Jammu Jun 1
Jammu and Kashmir Bank has announced its fourth quarter numbers. Its net profit increased 31.4% to Rs 78.58 crore for the quarter ended March 2009 versus Rs 59.8 crore in same quarter of previous year.
Official spokesperson of the bank stated that net interest income was up by 11.6% from Rs 224.35 crore to Rs 250.58 crore. Higher other income and lower tax also boosted bottomline of the bank. Tax was lower due to adjustment of deferred tax.
‘The bank has made provision of Rs 64.6 crore as against Rs 44 crore, YoY.
The bank has filed a claim of Rs 21 crore with RBI for Farm Loan Waiver and will have to make a further claim of Rs 4.55 crore, he said.
Its other income was up by 23.6% to Rs 99.7 crore from Rs 80.63 crore. Net NPAs (non-performing assets) stood at 1.38% (Rs 288 crore) versus 1.22%, QoQ and 1.08%, YoY.
For FY09, the net interest income was up 23%, to Rs 1000 crore and net profit increased by 13% to Rs 409 crore.
Haseeb Drabu, Chairman of Jammu and Kashmir Bank stated that the higher other income and lower tax boosted the bottomline. He also mentioned that the bank had filed a claim of Rs 21 crore with the Reserve Bank of India (RBI) for farm loan waiver and also had expected the demand for credit to improve.
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