Financial Daily from THE HINDU group of publications
Thursday, Oct 27, 2005
Financial Daily from THE HINDU group of publications Thursday, Oct 27, 2005 |
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Corporate Results
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Private Banks Money & Banking - Financial Performance J&K Bank posts net profit of Rs 55 cr in Q2 Our Bureau
Mumbai , Oct. 26 JAMMU and Kashmir Bank Ltd has posted a net profit of Rs 54.98 crore for the quarter ended September 30, as against loss of Rs 50.03 crore in the year ago quarter. Last year, the bank suffered losses because of a fall in profit from trading income, said Dr Haseeb Drabu, Chairman, J&K Bank. Total income increased to Rs 443.50 crore (Rs 387.80 crore). Net interest income increased to Rs 163.56 crore (Rs 154.47 crore). Other income was at Rs 11.5 crore as against a loss of Rs 12.6 core last year. "This year we have been able to insulate our investment portfolio. We sold Rs 1,000 crore worth G-Sec from our AFS portfolio. We have reduced the average age of the portfolio from four to two years and are looking to reduce it to 18 months. We are also fundamentally trading in T-bills and don't want to take any long-term positions," he said. The bank is looking to expand in countries such as Kazhakistan, Uzbekistan, and Afghanistan as these areas are geographically closer to Jammu and Kashmir
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