| News Details |
| JK Bank posts net profit at Rs 104 crore for third quarter | | Gross and Net NPA remains unchanged at 9.94 percent and 4.69 percent |
Jammu, January 14, (Scoop News)-Jammu and Kashmir bank has reported 43 percent increase in the net profit at rupees 103.75 crore for the third quarter ended December 2018. However, the cumulative net profit for the nine months ended December 31, 2018 has posted rupees 250 crore.
According to the balance sheet circulated to media, the bank had earned a profit of Rs 72.47 crore in the October- December quarter of previous fiscal.
The total income of the bank rose to Rs 2,184. 22 crore as against Rs 1,790.77 crore in the same period a year ago and the growth in credit has been reported at 22 percent over the last year. The net interest income the difference between interest earned on the loans and that paid on deposits grew to Rs 2,452 crore as compared to Rs 2,215 crore in the nine months period for last financial year.
The net NPA’s, however, rose marginally to 4.69 percent of the net loans from 4,29 percent in the corresponding period a year ago and the Gross and the Net NPA ratios of the bank by and large remained unchanged at 9.94 percent and 4.69 percent.
The NPA coverage ratio, though static on a year on year basis and still comparable with the best in the industry has been a dip on sequential basis to 65.82 percent mainly on account down grade of Industrial Lease and Financial System (IL&FS) which reflects that the bank has been able to tide over the IL&FS shock without any major deterioration in the balance sheet parameters, the bank’s statement said.
The banks total business at the end of last financial year stood at Rs 1, 57, 279 crore comprising of deposits of Rs 86, 210 crore and the gross advances of Rs 71, 069 crore as compared to Rs 1, 36, 936 crore a year ago registering an increase of around 15 percent.
The bank reported a stable Net Interest Margin (NIM) of 3.75 percent largely driven by the bank’s low cost of funds at 4.9 percent with a CASA contribution of 49 percent. ... |
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