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| J-K Bank’s net profit 66 PC up in Q3 | | | Jammu, January 22
The Jammu & Kashmir Bank on Monday posted a 66 percent rise in its net profit for the quarter ended December 31,2006 recording a net profit of Rs 83.89 crore up from Rs 50.64 crore during the corresponding quarter of 2005-06.
Addressing a jam packed press conference here in Jammu on Monday Chairman of J&K Bank Haseeb Drabu said the operating profit of the bank has now gone up to Rs 144.15 crore as compared to Rs 106.06 crore in the corresponding period recording a 36 per cent high.
While sharing details of financial highlights of the third quarter results,Drabu said the bank's cost of deposit has come down to 5 percent from 5.25 percent a year ago, "Our retail deposits have gone up by 38 percent and we have done away with high-cost corporate deposits to a great extent." We have largely improved status of our non performing assets as the figures have considerably gone down .From rs 136.29 crore the NPA’s stand at Rs 108.84 crore as on 31 december 2006. "Our NPA coverage has gone up to 73 percent against 58 percent a year ago and we plan to take it up to 80 percent," Drabu said.
He said the appetite of the foreign investors in the banks stock continues to grow .He said the bank has already received approval from the Reserve Bank of India to increase the cap of FII’s from 33 per cent to 40 per cent.
The share of the bank's current and savings account deposits have gone up to 40 percent during the period against 30 percent a year ago, Drabu said.
Its advances during the period has gone up by 22 percent while the net interest margin rose to 3.56 percent against 2.9 percent a year ago, he said.
Thanking customers of the bank in the state, Chairman said the bank is continuously focusing on increasing its business in the state through SME, retail and micro finance lending. He said in the coming months the bank would further consolidate its position in Jammu region as it offers a lot of potential.
“The bank has successfully carried out J&K bank reaching out to all programme in two blocks of the state and the programme is now being rolled out in all the districts of the state. He said in the coming months the bank will start ATM services in rural areas by installing in the wall ATM machines.We are competing with ourselves to improve our performance level and become socially relevant bank which can create opportunities for the people of the state to further propel the state economy, Drabu said. |
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