J&K Bank posts net profit of Rs 21.87 Cr for Q1
Srinagar: Continuing with its profit-making momentum, J&K Bank posted a net profit of Rs 21.87 Cr for the quarter ended June (Q1) 2019, a statement issued by the organization said.
The bank announced its reviewed financial results for the first quarter of current FY following the approval of its Board of Directors at a meeting held here at its corporate headquarters.
The bank’s operating profit for Q1 increased to Rs 410.85 Cr as against Rs 349.73 Cr recorded during the corresponding period of the previous year. The Net Interest Margin (NIM) has improved to 3.90 pc as against 3.66 pc recorded for the corresponding period of the previous year.
The advances of the bank grew Year on Year (YoY) by 13.55 pc and stood at Rs 67949.45 Cr as against Rs 59841.05 Cr for Q1 of the financial year 2018-19, while the deposits have increased by 14.91 pc to Rs 88963.39 Cr from Rs 77419.57 Cr recorded during the corresponding period of the previous financial year.
The total business of the bank is up by 14.31 pc to Rs 156912.84 Cr when compared with the corresponding period of the previous year.
The gross NPA ratio of the bank has come down to 8.48 pc for the quarter as against 9.83 pc, while as the net NPA ratio is 4.36 pc as against 4.65 pc for the corresponding period of the previous financial year. The NPA coverage ratio stood at 66.61 pc. The Capital Adequacy Ratio of the bank under BASEL III is 11.76 pc as on June 30, 2019.
On the expansion front, the bank added 2 Business Units and commissioned 28 ATMs to its expanding network across the state and beyond during the quarter.