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J&K Bank more than doubles yearly profit to Rs 465 Crore

J&K Bank, the state-owned premier financial institution, reported Rs 456 crore net profits for the financial year 2018-19, which is 129 percent higher as compared to last fiscal’s Rs 202 crore.
For the March quarter, bank reported a profit of 214.8 crore as compared to Rs 28.41 crore in the corresponding quarter of FY 2017-18. Buoyed by strong retail credit growth, sale of partial stake in PNB MetLife and resolution of some large NPLs the total income of the bank rose to Rs 8487 crore in the FY 2018-19 as compared to Rs 7116 crore a year ago.
The results for the FY 2018-19 and Q4 FY 18-19 were announced by the Bank on Wednesday after Board of Directors of the Bank adopted the audited numbers of the Bank in its meeting held at Bank’s Corporate Headquarters Srinagar. The growth in J&K state credit has been reported at 23% over the last year and net interest income the difference between interest earned on loans and that paid on deposits grew by 42% in the 4th quarter of the financial year 2018-19.The NIIM of the bank which is an indicator of profitability was calculated at 4.05 for the 4th quarter and on full year basis it improved to 3.84% as compared to 3.65% in the previous fiscal.