J&K Bank’s Q3 net up 43%
J&K Bank has reported a 43 per cent increase in net profit for the quarter ended December 31, 2018 at ₹103.75 crore as compared with ₹72.47 crore in the comparable quarter previously.
For the nine months ended December 31, 2018, J&K Bank recorded net profit of ₹250.09 crore, up 43.7 per cent over net profit of ₹174 crore recorded in same period in previous year.
“We met our third quarter profit estimates despite downgrading the much-publicised IL&FS exposure and making adequate provisions, though a number of banks are still maintaining the account as standard,” Parvez Ahmed, Chairman & CEO, J&K Bank, said in a statement.
Going forward, J&K Bank will consolidate further and maintain its strategy of J&K State-focussed growth which offers a reasonably high absorption capacity with pull across sectors in alignment with development oriented budget and recently announced industrial policy of the State, he said.
Ahmed also said that J&K Bank is targeting a profit of ₹2,000 crore by FY 2022.
The bank reported a net interest margin (NIM) of 3.76 per cent as of December 31, 2018 — largely driven by its low cost of funds at 4.90 per cent and CASA contribution of 49 per cent.