J&K Bank earns 11% profit in q3

SRINGAR: J&K Bank has reported growth in its net profit by over 11 percent during the third quarter (Q3) ending on December 31.
Banks’s net profit grew to Rs 321.29 crore in third quarter of 2013-14 as against Rs 289.40 crore during a year ago.
Commenting on the result, Bank’s Chairman and CEO Mushtaq Ahmad said, “Our results sound reasonably fine amid the squeaks of stress in asset-quality of banks across the industry coupled with adverse macro-economic conditions persisting in the country. In such a scenario, our focus too has been more on maintaining quality of assets rather than raising the numbers.”
Bank’s total business has crossed Rs 1 lakh crore. Its loan bank showed a growth of 21.4 per cent and rose to Rs. 43,317.84 crore from Rs 35,657.69 crore. At the same time, the deposits increased by 10.66 per cent and reached Rs 63,157.11 crore as against Rs 57,074.55 crore recorded for the corresponding period of previous year.
The Gross and Net NPA ratios of the bank during the quarter have been recorded at 1.65 percent and 0.22 per cent respectively which are among the best ratios in the industry. The earnings per Share jumped to Rs. 66.28 during the quarter, which is up by 11.04 percent from Rs. 59.69 recorded during the corresponding period of the previous year.