The Hindu Business Line : J&K Bank Q4 net profit jumps 99%; to pay 115%

New Delhi May 7 J&K Bank has reported a 98.64 per increase in net profit for the fourth quarter ended March 31, 2007 at Rs 45.27 crore against Rs 22.79 crore recorded in the same period in the previous year.

Total income stood at Rs 256.35 crore (Rs 240.83 crore).

For the financial year ended March 31, 2007, J&K Bank has recorded a 55.21 per cent increase in net profit to Rs 274.48 crore from Rs 176.84 crore in the previous fiscal.

A statement issued by the bank said total income for the financial year 2006-07 stood at Rs 928.05 crore (Rs 796.90 crore).

The board of directors of J&K Bank recommended a dividend of 115 per cent (Rs 11.50 per share of Rs 10 each).

Credit growth

Meanwhile, Dr Haseeb Drabu, Chairman of J&K Bank, said the bank was looking at a credit growth of 35 per cent in the fiscal 2007-08 against a growth rate of 18 per cent recorded in financial year 2006-07.

"Most of the growth would come from Jammu & Kashmir itself. There is huge appetite for credit within the State. We have achieved a net interest margin of three per cent. Our cost of deposits has come down and the CASA has also improved. So we have targeted a higher credit growth of 35 per cent ", Dr Drabu told Business Line.

As on March 31, 2007, advances of the banks stood at Rs 17,080 crore.

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