Srinagar, Aug 7: J&K Bank is all set to achieve a target of Rs 1000 crore net profit by the end of March 2013, as the bank registered a net profit of Rs 246 crore in the first three months (April– June) of this financial year.
The bank’s reviewed financial results for first quarter ended June 2012 were approved by the board of directors here today. On year to year basis, the profits of the bank jumped by 35% from Rs 182 crore in the corresponding quarter of FY11-12.
Notably, the bank continues to provide every needed financial support to all sectors of the state economy with right kind of product-mix, a statement issued by the bank’s spokesman said.
Commenting on the results Mushtaq Ahmad, Chairman and CEO said, “The Bank’s profit and income growth amply proves our consistent performance. Amid conditions where lending strategies have become a crucial aspect of banking business, we have increased our advances and improved yields on the same. All key ratios are showing an upward trend too.”
With expansion of branch network, we are hoping to keep the growth momentum up. We are conducting a recruitment drive to keep pace with the policy in terms of human resource as well”, he added.

Lastupdate on : Tue, 7 Aug 2012 21:30:00 Makkah time
Lastupdate on : Tue, 7 Aug 2012 18:30:00 GMT
Lastupdate on : Wed, 8 Aug 2012 00:00:00 IST