J&K Bank Q3 net profit up at Rs 117.68 crore

J&K Bank Q3 net profit up at Rs 117.68 crore

Srinagar: J&K Bank has posted a net profit of Rs 117.68 crore for the quarter ending December 2015, registering a 12.46-per cent growth over Rs 104.64 crore earned during the corresponding quarter of the previous financial year.
The bank announced its financial results for the third quarter on Thursday, following the approval of its Board of Directors in a meeting held in Mumbai. The advances during the Q3 grew by 5.31 per cent to Rs 46,718.26 crore from Rs 44,360.84 crore as recorded during the corresponding period of the previous year, while as the deposits reached Rs 64,363.57 crore as against Rs 63,906.34 crore recorded for the corresponding period of previous year.
Net interest Margin (NIM) of the bank for the quarter is 3.85 per cent while as the NPA Coverage ratio of the Bank is 66.18 per cent.
The Gross and Net NPA ratios of the Bank during the quarter have been recorded at 6.81 per cent and 2.60 per cent, respectively. Return on Assets (RoA) has is 0.65 per cent. The net profit for nine months ended December 31, 2015, was recorded at Rs 472.06 crore as against Rs 508.60 crore registered during the corresponding period of the previous year.
Meanwhile, as the total business of the Bank in Q3 increased to Rs 1,11,081.83 crore from Rs 1,08,267.18 crore recorded during the corresponding period of the previous year, the bank’s other income reached Rs 102.72 crore from 99.82 crore recorded last year.
The bank’s chairman and the CEO, Mushtaq Ahmad, said when the entire banking industry, especially public sector banks, were reeling under the growing volumes of bad loans, “we are comparatively better”.
“Banks are really struggling to sail through the tough times, but it’s going to take some more time when the economic situation improves,” he said in a statement issued here.

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