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Thursday, Jan 08, 2004

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Corporate Results - Financial Performance

J&K Bank net up at Rs 110 crore

Our Bureau

Mr M.Y. Khan, Chairman, The Jammu & Kashmir Bank, at a press conference in Mumbai on Wednesday. — Shashi Ashiwal

Mumbai , Jan. 7

THE Jammu and Kashmir Bank Ltd (J&K Bank) has recorded a net profit of Rs 109.8 crore for the quarter, a rise of 23 per cent over the net of Rs 89.18 crore during the corresponding period in the last fiscal.

The net profits for the nine months ended December 31, 2003, has also increased 30.5 per cent over the previous year.

The operating profit for the quarter has dipped to Rs 180.95 crore from Rs 184.22 crore. Mr M.Y. Khan, Chairman, J&K Bank Ltd, attributed this to the rise in operating expense due to the bank actualising its pension and gratuity requirements this year, while it was done on an ad hoc basis last year.

He also announced that the board of the bank has sanctioned Rs 600 crore of projects, with Rs 300 crore allocated to Reliance Infocomm.

The bank has net non-performing assets of 1 per cent, according to Mr Khan.

The capital adequacy ratio of the bank stands at 18.53 per cent.

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