1st April 2012
Srinagar
J&K Bank surpasses Rs.85000 cr business target
Jammu & Kashmir Bank, one of the fastest growing private sector banks in India and the significant contributor to Jammu & Kashmir's socio-economic development, has surpassed the business target of Rs 85,000 crore set for FY 2011-12. Also, it has recently received very high safety ratings to its Term Deposit programmes from CRISIL, a reputed credit rating agency.
In the FY 2011-12, the Bank has surpassed the business target of Rs 85,000 crore. Commenting on the occasion, said Mushtaq Ahmad, Chairman and CEO of Jammu & Kashmir Bank, "We had set a business target of Rs 85,000 crore for the year 2011-12. We are happy to note that we have surpassed the target. It exemplifies that the bank is on the growth path and we will continue to keep the growth momentum up. We have also received very strong ratings for our deposit programmes indicating the bank's safety standards."
The chairman further added that the bank has set a business target of Rs. one lakh crore and net profit of 1000 crorefor this financial year (2012-13)
Awarding very strong safety ratings of ‘FAA+/Stable/CRISIL A1+' to Jammu & Kashmir Bank's Term Deposit Programmes, CRISIL has re-affirmed the ‘A1+' Rating to the bank's Short-Term Fixed Deposit and Certificate of Deposit (CD) programmes. The Bank's Long-Term Fixed Deposit (FD) Programme has earned the ‘FAA+/Stable' rating that indicates a strong degree of safety with regard to timely payment of interest and principal on the deposit instruments.
CRISIL has been rating Jammu & Kashmir Bank's various Term Deposit programmes, viz. Short-Term Deposit, Certificate of Deposit and Long-Term Deposit, since last many years. After a rigorous and continuous surveillance and reviews of the Bank's term deposit programmes, financial performance in preceding quarters and its overall comparison with other banking peers, the Credit Rating Agency has re-affirmed its positive ratings to its Term Deposit programmes.
The ‘A1+' Rating to Short-Term Deposits and CDs indicates the Bank's ability and quality to honour financial obligations pertaining to deposits in a timely manner. It also indicates the lowest credit risk involved.
The ratings took into account the Bank's strong positioning within and outside the State of Jammu & Kashmir, sound capitalisation, healthy asset quality, good resource profile and the consistency of deposit accounts across categories that reflects the remarkable faith depositors have into the Bank. The Ratings have also factored the management strength evidenced in conversion of the regional Bank into a universal bank having a pan-India presence and its ability to connect to the extreme end-user of the banking facilities within and outside the State.
Commenting on the positive rating by CRISIL, added MushtaqAhmad, "Our consistency in obtaining strong safety ratings from CRISIL is the outcome of our strong business growth, high profitability, a wide outreach to the smallest customer residing in far-flung areas of the State who has immense faith on our banking abilities and a very good asset quality we have. With our robust network of more than 600 branches all over India, we exhibit high NPA coverage ratio and this is the biggest strength we have against our peers. With utmost confidence of our depositors in us, we have been playing a dominant role by offering reliable banking services in the State of Jammu & Kashmir."
In the FY 2011-12, the Bank has surpassed the business target of Rs 85,000 crore. Commenting on the occasion, said Mushtaq Ahmad, Chairman and CEO of Jammu & Kashmir Bank, "We had set a business target of Rs 85,000 crore for the year 2011-12. We are happy to note that we have surpassed the target. It exemplifies that the bank is on the growth path and we will continue to keep the growth momentum up. We have also received very strong ratings for our deposit programmes indicating the bank's safety standards."
The chairman further added that the bank has set a business target of Rs. one lakh crore and net profit of 1000 crorefor this financial year (2012-13)
Awarding very strong safety ratings of ‘FAA+/Stable/CRISIL A1+' to Jammu & Kashmir Bank's Term Deposit Programmes, CRISIL has re-affirmed the ‘A1+' Rating to the bank's Short-Term Fixed Deposit and Certificate of Deposit (CD) programmes. The Bank's Long-Term Fixed Deposit (FD) Programme has earned the ‘FAA+/Stable' rating that indicates a strong degree of safety with regard to timely payment of interest and principal on the deposit instruments.
CRISIL has been rating Jammu & Kashmir Bank's various Term Deposit programmes, viz. Short-Term Deposit, Certificate of Deposit and Long-Term Deposit, since last many years. After a rigorous and continuous surveillance and reviews of the Bank's term deposit programmes, financial performance in preceding quarters and its overall comparison with other banking peers, the Credit Rating Agency has re-affirmed its positive ratings to its Term Deposit programmes.
The ‘A1+' Rating to Short-Term Deposits and CDs indicates the Bank's ability and quality to honour financial obligations pertaining to deposits in a timely manner. It also indicates the lowest credit risk involved.
The ratings took into account the Bank's strong positioning within and outside the State of Jammu & Kashmir, sound capitalisation, healthy asset quality, good resource profile and the consistency of deposit accounts across categories that reflects the remarkable faith depositors have into the Bank. The Ratings have also factored the management strength evidenced in conversion of the regional Bank into a universal bank having a pan-India presence and its ability to connect to the extreme end-user of the banking facilities within and outside the State.
Commenting on the positive rating by CRISIL, added MushtaqAhmad, "Our consistency in obtaining strong safety ratings from CRISIL is the outcome of our strong business growth, high profitability, a wide outreach to the smallest customer residing in far-flung areas of the State who has immense faith on our banking abilities and a very good asset quality we have. With our robust network of more than 600 branches all over India, we exhibit high NPA coverage ratio and this is the biggest strength we have against our peers. With utmost confidence of our depositors in us, we have been playing a dominant role by offering reliable banking services in the State of Jammu & Kashmir."