J&K Bank Q3 net profit up 43%

Financial Chronicle - - COMPANIES - FC BUREAU

JAMMU & Kash­mir Bank has re­ported 43 per cent in­crease in its net profit at Rs 103.75 crore for the third quar­ter ended De­cem­ber 2018. The bank had earned a profit of Rs 72.47 crore in the Oc­to­ber-De­cem­ber quar­ter of pre­vi­ous fis­cal, the bank said in a state­ment.

To­tal in­come of the bank rose to Rs 2,184.22 crore as against Rs 1,790.77 crore in the same pe­riod a year ago.

The gross non-per­form­ing as­sets (NPAs) as a per­cent­age of to­tal ad­vances by end of De­cem­ber 2018 fell to 9.94 per cent as against 10.08 per cent as on De­cem­ber 31, 2017, it said. How­ever, net NPAs rose marginally to 4.59 per cent of the net loans from 4.29 per cent in the cor­re­spond­ing pe­riod a year ago.

The NPA cov­er­age ra­tio, though static on a year-onyear ba­sis and still com­pa­ra­ble with the best in the in­dus­try, has seen a dip on se­quen­tial ba­sis to 65.82 per cent mainly on ac­count of down­grade of IL&FS which re­flects that the bank has been able to tide over the IL&FS shock with­out any ma­jor de­te­ri­o­ra­tion in the bal­ance sheet pa­ram­e­ters, it said.

From now on­wards, the bank will fo­cus on the trans­for­ma­tion ex­er­cise by ag­gres­sively im­ple­ment­ing the busi­ness plan 2022 pre­pared in con­sul­ta­tion with man­age­ment con­sul­tants and ex­pects to clock a profit of Rs 2,000 crore by end of 2022.

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