J&K Bank posts 43 percent growth in net profit

J&K Bank posts 43 percent growth in net profit
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Jammu: The J&K Bank has reported a 43 percent increase in its net profit to Rs 250.09 Cr for the 9 months ended 31 December as compared to 174 crore reported for the same period in previous fiscal.

For the third quarter the bank posted a profit of Rs 103.75 crore as compared to 72.47 crore for the same quarter last year, said the bank spokesperson in a handout. The growth in J&K Credit has been reported at 22 percent over the last year and net interest income the difference between interest earned on loans and that paid on deposits grew to 2452 crore as compared to 2215 crore in the nine months period for last financial year, it said.

The bank announced its results after a meeting Board of Directors in a meeting held at Jammu.

Expressing satisfaction on the results Chairman and CEO J&K Bank Parvez Ahmed said, “The Bank has been able to maintain consistency in its growth rate and earnings. Our focus on expansion of credit in J&K has strengthened our core income with a credit growth rate of 22 % which is spread across all the regions of the state with traction in all the sectors especially retail and SME.”

“We met our third quarter profit estimates despite downgrading the much publicized IL&FS exposure and making adequate provisions, though a number of the banks are still maintaining the account as standard. With this our clean up is almost complete & recognition cycle is  drawing to an end though credit costs will take some more quarters to align to the long term averages due to provisioning pressure on account of IL&FS and ageing of NPAs,” it added.