J&K Bank profit up by 12.07% than last fiscal

J&K Bank profit up by 12.07% than last fiscal

SRINAGAR: J&K Bank profit grew by 12.07 percent touching Rs 1182.47 crore for FY 2013-14 witnessing 127.37 crore increase than previous year figure of Rs 1055.10 crore.
A statement issued here by the bank said the bank has reported a net profit of Rs 250.6 crore in the fourth quarter ended March 31, 2014 almost equivalent to the year-ago quarter profit figure of Rs 250.08.
The audited financial results for the fourth quarter ended March 2014 were announced on Thursday following the approval of Bank’s Board of Directors in their meeting held here at Corporate Headquarters.
Total income during the period increased to Rs 1,888.60 crore as against Rs 1,835.71 crore in the year-ago quarter, the bank said in a filing to the BSE.
Full year income moved up to Rs 7,157.26 crore as compared with Rs 6,620.53 crore for the year ended March 31, 2013, it said.
The bank’s Board of Directors has again recommended dividend of 500 percent to shareholders subject to the approval at the upcoming Annual General Meeting (AGM) that has been scheduled on August 2, 2014.
The bank earned an interest income of Rs 2684.48 crore which is up by 15.9 percent from Rs 2316.04 crore recorded during the last FY.
The Business of the bank registered an increase of Rs 12299 crore during the FY 2013-14 reaching Rs 115720.46 crore from Rs 103421.03 crore thereby recording a Year-on-Year (YoY) growth of 11.89 percent. Deposits during the period were up by 7.96 percent reaching Rs 69,336 crore.
The Loans and Advances of the bank stood at Rs 46,384.60 crore registering growth of 18.33 percent in comparison to Rs 39,200.41 crore at the end of March-2013. The total income of the bank is up by 8.10 percent having increased to Rs 7157.26 crore from Rs. 6620.53 crore recorded during the previous year.
The bank’s operating profit during this period has increased from Rs 1810.76 crore to Rs 1899.75 crore; while as the net worth is at Rs. 5723.61 crore, which is up by 17.65 percent.
Notably during the last thirteen months the share-price of the bank has appreciated by more than Rs 600 displaying an unshakable market trust in growth and capacities of the bank.
The key ratios have registered improvement during the year.
Net Interest Margin is 4.16 percent against 3.96 percent recorded during the last financial year.
Against the regulatory norm of 70 percent the NPA Coverage Ratio of the Bank is at 90.30 percent, which is one of the best in the industry. The Yield on Advances is 12.23 percent while as the Return on Assets has increased from 1.70 percent to 1.74 percent. Earnings per share of the bank have increased from Rs 51.58 to Rs 51.69.
During the FY 2013-14 the bank has opened 92 new Business Units besides commissioning 187 ATMs across the country.
Commenting on the results, Chairman and CEO Mushtaq Ahmad said, “Our focus has been to maintain quality of assets besides overall growth. So the results are well within our expectations.”
“While expanding our operations gradually across the country, our commitment towards state economy shall deepen further in agriculture, handicrafts and infra-structure. Entrepreneurs shall continue to find finance for viable units without any hassles,” he said.
Chairman said that poised to come out of the current uncertainty, the macro-economy of the country is expected to regain its missing momentum. “Going ahead we are confident to continue our growth momentum while preserving our key ratios,” he said.
“Internally, we will ensure that our systems create further synergy between our people and processes to deliver best products and services to our valuable customers,” he added.
—With PTI inputs