JK Bank surpasses Rs85000 cr business target
‘Receives High Ratings For Deposit Programs From CRISIL’
GK NEWS NETWORK
Srinagar, Apr 1: Jammu & Kashmir Bank, one of the fastest growing private sector banks in India, has surpassed the business target of Rs 85,000 crore set for fiscal 2011-12. The Bank, according to its CEO, has recently received very high safety ratings on its Term Deposit programs from CRISIL, a reputed credit rating agency.
“We had set a business target of Rs 85,000 crore for the year 2011-12. We are happy to note that we have surpassed the target. It exemplifies that the bank is on the growth path and we will continue to keep the growth momentum up. We have also received very strong ratings for our deposit programs indicating the bank’s safety standards,” Mushtaq Ahmad, Chairman and CEO of Jammu & Kashmir Bank said.
The chairman further added that the bank has set a business target of Rs 100000 crore and net profit of Rs 1000 crore for the current financial year (2012-13).
Awarding very strong safety ratings of ‘FAA+/Stable/CRISIL A1+’ to Jammu & Kashmir Bank’s Term Deposit Programs, CRISIL has re-affirmed the ‘A1+’ Rating to the bank’s Short-Term Fixed Deposit and Certificate of Deposit (CD) programs. The Bank’s Long-Term Fixed Deposit (FD) Programme has earned the ‘FAA+/Stable’ rating that indicates a strong degree of safety with regard to timely payment of interest and principal on the deposit instruments.
CRISIL has been rating Jammu & Kashmir Bank’s various Term Deposit programs, viz. Short-Term Deposit, Certificate of Deposit and Long-Term Deposit, since last many years. After a rigorous and continuous surveillance and reviews of the Bank’s term deposit programs, financial performance in preceding quarters and its overall comparison with other banking peers, the credit rating agency has re-affirmed its positive ratings to its Term Deposit programs.
The ‘A1+’ Rating to Short-Term Deposits and CDs indicates the Bank’s ability and quality to honor financial obligations pertaining to deposits in a timely manner. It also indicates the lowest credit risk involved.
The ratings took into account the Bank’s strong positioning within and outside the State of Jammu & Kashmir, sound capitalisation, healthy asset quality, good resource profile and the consistency of deposit accounts across categories that reflects the remarkable faith depositors have into the Bank. The Ratings have also factored the management strength evidenced in conversion of the regional Bank into a universal bank having a pan-India presence and its ability to connect to the extreme end-user of the banking facilities within and outside the State.
Commenting on the positive rating by CRISIL, added Mushtaq Ahmad, “Our consistency in obtaining strong safety ratings from CRISIL is the outcome of our strong business growth, high profitability, a wide outreach to the smallest customer residing in far-flung areas of the State who has immense faith on our banking abilities and a very good asset quality we have. With our robust network of more than 600 branches all over India, we exhibit high NPA coverage ratio and this is the biggest strength we have against our peers. With utmost confidence of our depositors in us, we have been playing a dominant role by offering reliable banking services in the State of Jammu & Kashmir.”
Lastupdate on : Sun, 1 Apr 2012 21:30:00 Makkah time
Lastupdate on : Sun, 1 Apr 2012 18:30:00 GMT
Lastupdate on : Mon, 2 Apr 2012 00:00:00 IST
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