J&K Bank Q1 profit up by 22%
Tribune News Service
Srinagar, August 10
J&K Bank has posted a net profit of Rs 158.76 crore for the quarter ending June 2015, registering a growth of 22.08 per cent over Rs 130.05 crore recorded for the corresponding quarter in the last fiscal, a bank spokesperson said here today.
The bank announced its reviewed financial results for the quarter ending June 2015 today, following the approval of its Board of Directors at a meeting held at its corporate headquarters here.
The bank’s net interest income for Q1 increased by about 9 per cent, standing at Rs 694.84 crore as against Rs 637.69 crore while the non-interest income improved to Rs 135.62 crore as against Rs 130.99 crore recorded during the corresponding quarter of the previous year, the spokesperson said.
The net interest margin has jumped to 3.93 per cent as against 3.63 per cent while as the return on assets has improved to 0.88 per cent as compared to 0.72 per cent recorded during the corresponding period of the last fiscal.
The operating profit is Rs 458.31 crore as against Rs 447.52 crore recorded during the corresponding period last year.
Deposits of the bank were at Rs 62,264.91 crore while as the advances have reached Rs 43,267.28 crore, taking the total business of the bank to Rs 1,05,532.19 crore as on June 30, the spokesperson said.
The net non-performing asset ratio of the bank stood at 2.95 per cent for the quarter, while as the provision coverage ratio is 60.68 per cent.
Notably, the Q1 profits have increased by 56.24 per cent when compared with the bank's profits earned in Q4 of the financial year 2014-15.
