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| JK Bank Q3 net up 27 pc at `213 cr | | | Early Times Report
Srinagar, Jan 29: J&K Bank has posted a net profit of Rs 213 crore for the third quarter ended December 2011, which is up by 27 percent from net profit of Rs.168 crore earned during the corresponding quarter of the previous financial year. The net profit of the bank for the nine months ended December 31, 2011 also witnessed an increase of 25 per cent as it jumped to Rs.595 crore from Rs 477 crore in the corresponding period of the previous year.
The total business turnover of the Bank as on Dec 31, 2011 is around Rs 79, 000 crore which has witnessed an increase of Rs 3,000 crore in the quarter. Business turnover was Rs 66000 crore as on 31st December 2010.
Commenting on the results, Chairman and CEO Mushtaq Ahmad said, "In the 12-month period from January 1st, 2011, the Bank's overall business has grown up by around Rs. 13,000 crore, which means more than Rs 1,000 crore on average per month." "We do feel happy to see our balance sheet further firmed up. Such performance puts our growth trajectory on a sound basis while heading towards the proposed target of Rs 85,000 crore of business and Rs 800 crore of profit by the end of current financial year, besides affirming the efficacy of major policy decisions the Bank has taken in this direction." The Chairman appreciated the efforts of colleagues whose efforts have generated the results, the bank in a statement said. "However, we do not feel complacent in the face of challenges posed by the concerns about the sluggish economic scenario and growing competition at home," he added. He said, "We will consolidate the business growth through up-gradation of procedural systems, better risk-management practices, and optimization of techno-based services and development of requisite human resource."
During the quarter ended December 31, 2011, the bank's total income rose by 33 per cent to Rs 1,340.16 crore as against Rs 1012.22 crore in the year-ago period. The interest earned by the bank in the third quarter increased by over 35 per cent to Rs 1266 crore from Rs 934 crore in the year ago period. The asset quality of the bank has further improved, as the gross NPAs (Non Performing Assets) of the Bank have declined to 1.80 per cent in the third quarter of this fiscal, from 1.95 per cent in the same period of the previous year.
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