Improved provisioning and interest income pulls J&K Bank profits up by 35%
By Neelima Shankar
Aug 8, 2012
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Jammu and Kashmir Bank has announced its first quarterly results. The bank has posted a 35% higher net profit due to improved asset management and higher interest income. The bank's net profit for April-June period was Rs. 246 crore against Rs. 182 crore a year before.

The bank's interest income (difference between interest earned and interest paid) stood at Rs. 536 crore (Rs. 437 crore a year before), while non interest income was at Rs. 422 crore (Rs. 299 crore).

Provisioning towards bad loans was reduced from Rs. 84 crore in Q1 FY12 to Rs. 50 crore for the quarter ending June 30. Gross NPA ratio (of the net advances) increased from 1.54 in Q4FY12 to 1.60, whereas net NPA ratio reduced marginally from 0.15 to 0.14 for the same period.

One ofthe key indicators of banks performance, net interest margin (NIM) was at 3.84% as against 4.02% year ago. Bank registered a credit growth of 26%, while deposits grew by 23%. As on June 30 the banks deposits were Rs. 53,117 crore and the advances were Rs. 33,225 crore.


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