Srinagar, May 14: J&K Bank has recorded a whopping Rs 10,000 crore increase in its business in 2010-11 to Rs 70,870 crore marking an 18 per cent growth.
 The results were announced after the Board of Directors of the Bank adopted the audited results for 2010-11 at a meeting held here today.
 Commenting on the results, Chairman and CEO Mushtaq Ahmad said: “The financial results reflect implementation of business strategy aimed at qualitative and quantitative growth in business of the Bank.”
 He said the performance during the year has put the bank on a growth trajectory for achieving the planned target of business of Rs. 100,000 crore and profit of Rs 1000 crore by March 2013.
 Mushtaq said in spite of the challenges faced during the last financial year the new business strategy has enabled the Bank to convert the challenges into opportunities.
 “As a result of these measure net NPA ratio declined to 0.20 per cent against 0.28 per cent for the previous year. Against the regulatory norm of 70 per cent, the provision coverage ratio of the Bank is at 92.71 per cent as on 31/03/2011.”
 “All significant ratios have registered satisfactory improvement during the year. Net worth at Rs. 3478.68 crore (up by 15.55%), Earnings per share at Rs. 126.90 (up by 20%), Book value at Rs. 717.58 (up by 15.55%) and NIM at 3.62% (up by 58 bps) reflect strong fundamentals of the Bank.”
 The Chairman & CEO said the Bank will focus on playing its role of a developmental financial institution in the State of Jammu and Kashmir   and lay emphasis on the growth and development of agriculture, industry, and services sector.
 The Chairman said for registering high volume business in rest of the country new branches would be opened at all important commercial centers.

Lastupdate on : Sat, 14 May 2011 21:30:00 Makkah time
Lastupdate on : Sat, 14 May 2011 18:30:00 GMT
Lastupdate on : Sun, 15 May 2011 00:00:00 IST