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Business Economy


J&K Bank net profit rises to Rs 214 cr in Q4

J&K Bank net profit rises to Rs 214 cr in Q4

New Delhi, May 16 (UNI) The Jammu and Kashmir Bank has posted a net profit of Rs 214.80 crore in the fourth quarter ended March 2019 due to strong retail credit growth, sale of partial stake in PNB Metlife and resolution of some large NPLs, the bank announced on Thursday.

The bank’s profit in the October-December quarter of FY 2018-19 was only Rs 28.41 crore, the bank said while releasing the results for the FY 2018-19 and Q4 FY 18-19 after its Board of Directors adopted the audited numbers in its meeting held at bank’s corporate headquarters in Srinagar.

The bank also reported a 129 per cent growth in net profit for the financial year 2018-19 at 465 crore as compared to Rs 202 crore in the previous fiscal.

The total income of the bank rose to Rs 8,487 crore in the FY 2018-19 as compared to Rs 7,116 crore a year ago.

“Our numbers are unfolding in line with our strategic business plan to direct the focus of our credit expansion in J&K state especially in retail & SME segments. We are continuously gaining market share in J&K besides improving the penetration of credit to hitherto credit starved geographies/segments especially in consumer and housing sectors.

“If you see our segmental numbers in retail, housing has grown by 79 per cent from 3117 crore to 5384 crore, consumer finance has grown exponentially from 195 crore to 1978 crore, car loans have grown by 37 per cent from 2000 crore to 2741 crore resulting in aggregate retail credit growth of 33 per cent,’’ Bank chairman Parvez Ahmed said.

UNI SW ADG 1759

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