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Jammu and Kashmir Bank’s net profit rose 35 per cent in the July-September quarter to Rs 270 crore on the back of higher interest income.
The state-owned lender had posted a net profit of Rs 200 crore in the year-ago period.
Net interest income (the difference between interest earned and expended) rose by 27 per cent to Rs 553 crore during the September-ended quarter (from Rs 434 crore in Q2 FY12).
NII
Non-interest income rose 28 per cent to Rs 91 crore (Rs 71 crore).
Net interest marginstood at 3.94 per cent (3.88 per cent).
Year-on-year, advances grew by 21 per cent at Rs 34,272 crore, while deposits grew 16 per at Rs 54,927 crore as on September 30, 2012.
“We hope to restore our advances ratio of J&K to other States from the current 40:60 to 50:50 as the State yields better margins,” said Mushtaq Ahmad, Chairman and CEO.
NPA down
Net non-performing assets (NPAs) decreased to 0.16 per cent from 0.22 per cent.
Capital adequacy ratio was 13.73 per cent (13.75 per cent).
The J&K Bank scrip on Wednesday hit an all-time high of Rs 1,239 on the Bombay Stock Exchange.
At the day’s close, the shares ended higher by 9.40 per cent to close at Rs 1,225 per share.
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