J&K Bank profit up 50%; declares Rs33.50 dividend

Jammu & Kashmir Bank posted a 50 per cent jump in fourth-quarter net profit at Rs 208 crore compared with Rs 138.50 crore in the year-ago period.

For the year ended March 31, the bank earned a net profit of Rs 803 crore compared with Rs. 615 crore a year ago.

For the January to March quarter, the bank's interest earnings jumped 34 per cent to Rs 1,358 crore (Rs 1,014 crore in fourth quarter of FY11).

As at March-end 2012, the private sector bank had a capital adequacy ratio of 13.36 per cent (13.72 per cent as on March-end 2011).

Gross NPA of the bank as a percentage of advances declined to 1.54 per cent against 1.95 per cent. Net NPA declined to 0.15 per cent (0.20 per cent).

The board of directors have recommended a dividend of Rs 33.50 a share.

The State of Jammu and Kashmir holds about 53 per cent in the bank and the remaining is held by the public.

satyanarayan.iyer@thehindu.co.in