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Jammu and Kashmir Bank on Sunday said it has surpassed its business target of Rs 85,000 crore for 2011-12 financial year and has set a target of Rs 1 lakh crore for the current fiscal.
“We had set a business target of Rs 85,000 crore for the year 2011-12. We are happy to note that we have surpassed the target. It exemplifies that the bank is on the growth path and we will continue to keep the growth momentum up,” Chairman and CEO of the Bank, Mr Mushtaq Ahmad, said in a statement.
The bank has set a business target of Rs 1 lakh crore and net profit of Rs 1,000 crore for this financial year (2012-13), he added.
He also expressed satisfaction that the bank had recently received very high safety ratings to its Term Deposit programmes from CRISIL.
“We have also received very strong ratings for our deposit programmes indicating the bank’s safety standards.
“Our consistency in obtaining strong safety ratings from CRISIL is the outcome of our strong business growth, high profitability, a wide outreach to the smallest customer residing in far-flung areas of the State who has immense faith on our banking abilities and very good asset quality,” he said.
With the robust network of more than 600 branches all over India, Jammu and Kashmir Bank exhibits high NPA coverage ratio and this is the biggest strength against our peers, he added.
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