HALF YEARLY RESULTS: State Co-operative Bank shows 80% growth in profits

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SRINAGAR: J&K State Cooperative Bank has released its April-September,2018 half-yearly results.
Commenting on the results, chairman of the bank, M S Dar expressed satisfaction on the results, terming them “in line with the path of growth as envisioned by the management”.
Total business of the bank has reached 1,100 crores. While deposits have reached Rs 800 crores during the period, bank has advanced about 65 crores in the same period. The quality of deposits as defined by cost has shown a consistent improvement. The CASA of the bank has crossed 45%, an official handout issued here on Monday read.
A key achievement has been increase in the gross profit which has shown a rise of 80 % YoY basis.
Improvement in the asset quality has been remarkable. Net NPA has been slashed to 1%.
Chairman, M. S. Dar said the bank has adopted flexibility and applicability, both in terms of strategy and operations, to achieve long term goals. “The fundamentals of the bank have been strengthened and improved to such a level that the bank can now compete with any commercial bank,” Dar said , adding that the bank was all set to expand its operations in Jammu division as well and the first branch in Jammu at Narwal will be inaugurated next month. Dar expressed full faith in his team and hoped that the bank would maintain its consistency in realising the targets.
Managing Director, M Latief, said that the bank has almost doubled its profits and that he was hopeful that the bank would sustain the growth rate, read the handout.
Latief said that the main focus of the bank has been to reduce its NPA level and arrest any major slippage.
Latief said that the bank was soon going to introduce mobile and net banking services, added the handout.