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| JK Bank posts H1 net profit of Rs 309 Cr | | | EARLY TIMES REPORT
Srinagar, Oct 26: In spite of the difficult conditions for the state economy during the last five months, J&K Bank has registered a net profit of Rs 163.27 crore for the quarter ended September 2010, which is up by 22% from Rs 134.27 crore earned during the corresponding quarter of previous financial year.
The net profit for the half-year that ended September 2010 has also increased by 22% to Rs 309 crores from Rs 252 crores recorded during the corresponding half of previous financial year.
The reviewed financial results for the quarter and half year ended Sep, 2010, were announced following the approval of its Board of Directors in a meeting held here on Oct 25, 2010.
Commenting on the results, Chairman and CEO . Mushtaq Ahmad said, “Driven by better liability management and operating efficiency, our financial results for the year 2009-10 adequately reflect our operational strength for robust and sustainable growth in spite of the difficult business conditions prevalent in the state”.
He said, “This also provides an insight into the capability of the bank to adapt its functional competence according to the prevailing conditions of the economy. Two decades of turmoil, in this regard, is a long duration for an organization like ours which stand witness to our robust performance during all these years. During these years the bank successfully expanded its area of operation across the country and also diversified its operations into insurance sector and other third party product segments. Growth of around 1000 per cent in different spheres during 1996 to 2005 is result of all this.”
In the last couple of months the bank has launched certain initiatives, which include massive drive to combat unemployment in the state. In order to encourage the educated unemployed youth towards self employment ventures, the bank has adopted and launched the Seed Capital Fund scheme. The bank shall be providing hassle free finance to the youth for their ventures and will even guide and monitor the progress of the ventures of the borrowers beyond disbursement of the loan
The chairman said, “The Bank shall ensure that entrepreneurs of the state face no problems in timely finances once their Detailed Project Reports (DPRs) under SKEWPY get clearance from the relevant departments. Moreover, the process of clearance has already been put on fast-track and there is completely hassle-free mechanism in place that will facilitate the financial support to our first generation entrepreneurs in the best possible way.”
The Chairman further said, “The policies of bank are driven by the commitment to empower the people of state in socio-economic sense. And we see our youth as a huge resource to drive and lead this socio-economic model of development through entrepreneurship, efficiency and honesty”.
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