J&K Bank’s Q3 net up 43%

The Hindu Business Line - - TAKE 500 -

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.

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