Srinagar, February 12: While announcing its financial results for the third quarter ending December 2015, the J&K Bank posted on Thursday that it has earned a net profit of Rs 117.68 crore for the quarter which is 12.46 per cent more than what it has earned during the corresponding quarter of the previous financial year.
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As per reports in a local daily, the results were announced by J&K Bank spokesperson after the approval of its Board of Directors in a meeting held in Mumbai. He said that the bank has earned Rs 104.64 crore in the corresponding quarter of last year and this year it has made a profit of 12.46 per cent more.
During the 3rd quarter, the advances has grown by 5.31 per cent to Rs 46,718.26 crore from Rs 44,360.84 crore as recorded during the corresponding period of the previous year. Also, the deposits reached Rs 64,363.57 crore as against Rs 63,906.34 crore recorded for the corresponding period last fiscal, the spokesman added.
He also informed that the non performing asset coverage ratio of the bank is now 66.18 per cent and the Net Interest Margin (NIM) of the bank for the quarter is 3.85 per cent.
By the end of December 31, 2015, the net profit of the bank was recorded at Rs 472.06 crore as against Rs 508.60 crore registered during the corresponding period of the previous year. The total total business of the bank has increased to Rs 1,11,081.83 crore in this quarter from Rs 1,08,267.18 crore recorded during the corresponding period of the previous year. Besides, the bank’s other income reached Rs 102.72 crore from 99.82 crore recorded last year.
The chairman Mushtaq Ahmad while commenting on the performance of the bank for this quarter claims that the J&K bank stands in a comparatively better position in these times when the entire banking industry especially the public sector banks are struggling with bad economic situation.