J&K Bank has registered a net profit of Rs.167.88 crore for the third quarter ended December 2010, which is up by 20 per cent approximately from a net profit of Rs.139.99 crore earned during the corresponding quarter of previous financial year. J&K Bank has registered a net profit of Rs.167.88 crore for the third quarter ended December 2010, which is up by 20 per cent approximately from a net profit of Rs.139.99 crore earned during the corresponding quarter of previous financial year.
The net profit of the bank for the nine months ended December 31, 2010 also witnessed an increase of 21.48 per cent as it jumped to Rs 476.64 crore, from Rs 392.33 crore in the corresponding period of the previous year.
During the quarter ended December 31, 2010, the bank's total income rose by 18.06 per cent to Rs 1,012.22 crore as against Rs 857.36 crore in the year-ago period. The interest earned by the bank in the third quarter increased by over 23 per cent to Rs 934 crore from Rs 758 crore in the year ago period.
In the nine-month period of the current financial year ended December 31, 2010, the bank has earned nearly 19 per cent more interest at Rs 2,699 crore, over Rs 2,271 crore in the corresponding period of the previous year.
The asset quality of the bank has further improved, as the gross NPAs (Non Performing Assets) of the Bank have declined to 1.95 per cent in the third quarter of this fiscal, from 2.17 per cent in the same period of the previous year.
Commenting on the results, Chairman and CEO Mushtaq Ahmad said, "Driven by better liability management and operating efficiency, our financial results for the nine months ended December 2010 adequately reflect our operational strength for robust and sustainable growth in spite of the fact that most difficult business conditions were witnessed during the summer.".
Functioning as the premiere developmental institution of the state, the Chairman emphasized, the bank would continue to play its role as a strong partner for all the viable and sustainable projects which are directed towards the overall development of the J&K state.
During the last quarter, the bank introduced some tailor-made schemes and also re-launched its scheme for fruit growers. In one of the major initiatives to combat unemployment in the state, the bank has adopted and launched the Seed Capital Fund scheme. The bank is providing hassle free finance to the youth of the state for their self employment ventures.
While providing a financial boost to all the sectors of local economy through innovative sector-specific products, the bank has already geared its operational side to revive and give a fillip to our relationship with the corporate world.
Meanwhile, the chairman of the bank said that being socially and economically responsible institution of the state, J&K Bank always shares the happiness as well as the moments of grief of the people. The bank has always stood by the people of the state during long span of turbulence. The bank is always prepared to extend helping hand to commerce and industry within relevant parameters. "J&K Bank is the guardian of the industry, commerce and trade of the people of this state," he said.
During the quarter, the bank expanded its ATM network in the state. Dozens of such machines were installed across the state
Notably, the reviewed financial results for the quarter ended December 2010, were announced following the approval of its Board of Directors in a meeting held on January 29, 2011.