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The Bank had registered a net profit of Rs 120.67 crore during the same quarter last financial year, a J&K Bank spokesman said today. The bank's board of directors at a meeting held yesterday reviewed the financial results for the quarter ended December 2009.
The operating profits of the bank increased by 31 per cent during the same period.
Income earned by the bank other than interest doubled to Rs 95.81 crore during the quarter under review from Rs 39.39 crore earned in the quarter ended December 2008. The boost in the income has been primarily by the earnings on commission or exchange and profit on investments, he added.
The bad loans of the bank decreased by almost 100 crore compared to March 2009. The J&K Bank now has coverage of its NPAs at 88 per cent, is well above the RBI stipulation of 70 per cent which Banks have to do by October this year. It indicates the stability of the bank, he said.
On the quarterly results, J&K Chairman Haseeb A Drabu said, "This has been a difficult quarter as the macro-economic environment has become adverse.
"We have outperformed the market, because our balanced policy approach that aims to achieve our short-term targets while keeping in mind our long-term objectives as the leading financial organisation of the state."
