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J&K
Bank net profit increases by 30.31% to Rs 338 crore
Our Banking Bureau
6 May 2003
 New
Delhi: Maintaining its growth, the net profit of Jammu
and Kashmir Bank recorded a jump by 30.31 per cent to
Rs 338 crore against Rs 260 crore for the corresponding
period of the previous year.
The total income
of the bank has increased by Rs 103.70 crore to Rs 1,714.56
crore. The total business of the bank has recorded an
increase of 17 per cent during the period. The credit
portfolio of the bank has registered a growth of 25 per
cent and the deposits have increased by 14 per cent during
the said period. The net non-performing assets (NPAs)
have reduced to 1.58 per cent against 1.88 per cent of
the previous year, which is the lowest in the industry.
 The board of directors of
the bank, in their meeting held in Srinagar, recorded
the above-audited working results for the year 2002-03.
The annual results of the bank for the year 2002-03 have
revealed that the bank has achieved a business turnover
of Rs 22,686 crore against the last year's figure of Rs
19,335 crore, recording an appreciable growth of 17.33
per cent.
The core segments
of banks business — deposits, advances, foreign exchanges
and treasury options — have shown an impressive growth.
The capital and reserves of the bank have increased from
Rs 937 crore of the previous year to Rs 1,242 crore, registering
an impressive growth of 33 per cent. The bank was able
to post an all-time-high net profit of Rs 337.75 crore
for the financial year 2002-03, recording an incredible
increase of 30 per cent over the last year's net profit
of Rs 259.80 crore.
The total income
of the bank has risen to Rs 1,714.56 crore during the
financial year 2002-03. The non-interest income has recorded
a growth of 12 per cent from Rs 257 crore of the previous
year to Rs 287 crore for the year ending March 2003. The
aggregate deposits of the bank have recorded an appreciable
accretion of 14% to Rs 14675 crores at the end of financial
year 2002-03 against the previous year figure of Rs 12,911
crore, which is much higher than the national average
growth of 12.2 per cent.
The credit of takeoff
of the bank recorded a remarkable growth of 25 per cent
as against the average national growth of 17 per cent
at the end of 31 March 2003. The total advances of the
bank stood at Rs 8,010 crore against Rs 6,424 crore of
the corresponding period of the previous year.
The investment
portfolio of the bank recorded an increase of 17.13 per
cent from Rs 5,753 crore to Rs 6,738 crore at the end
of March 2003. The bank continued its efforts to reduce
its NPAs. With the strenuous efforts and enhanced recovery
drive, coupled with a stress on sound asset quality and
prevention of fresh slippages, the bank has been able
to further reduce its NPA level. The NPAs reduced to 1.58
per cent against 1.88 per cent of the previous year, which
is one of the lowest in the industry.
The
foreign exchange business of the bank recorded a turnover
of Rs 3,666.37 crore against the previous year's figure
of Rs 2,954.44 crore, showing an appreciable growth of
24.1 per cent. The capital adequacy ratio stood at 16.50
per cent, which is much above the 9-per cent benchmark
prescribed by the Reserve Bank of India (RBI). The board
proposed a payment of dividend at 60 per cent subject
to approval of shareholders and the RBI.
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