While braving the murky waters that have enveloped the whole banking industry in the country, J&K Bank has exceptionally bounced back by registering a whopping net profit growth of 75 percent in the first quarter of the current financial year. The bank’s net profit was recorded at Rs 52.59 crore at the end of June 2018 as against Rs 30.19 crore as on June 30, 2017.
Registering a business of over Rs 1.4 lakh crore at the end of June 2018, the bank witnessed a growth of 22 percent in its credit portfolio. Gross advances of the bank increased by Rs 11,184.06 crore in the first quarter of the current financial year and were recorded at Rs 63,470.96 crore as against Rs 52,286.90 crore as on June 30, 2017. Net advances jumped from Rs 48,733.19 crore to Rs 59841.5 crore during the period. The deposits were recorded at Rs 77,419.57 crore. Credit-deposit ratio of the bank during the period has increased to 77.29 percent as against 67.93 percent recorded last year.The board of directors of the bank adopted these reviewed results in the meeting held here on Thursday at the bank’s Corporate Headquarters in Srinagar.