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Sunday, October 13, 2013

J&K Bank expands branch network

Expanding its branch network, private sector lender Jammu and Kashmir Bank opened 122 new business units and 179 ATMs in the state of J&K to increase banking infrastructure in the state.

The number of branches stood at 695, while total number of ATMs was at 662 as on June 30, 2013.

The private bank’s net profit in the first quarter of FY14 was up 25 per cent to Rs 308 crore in the April to June period as compared with Rs 246 crore in the same period last year. The gross non-performing assets (NPAs) in Q1 FY14 stood at 1.67 per cent of gross advances, while net NPAs were at 0.14 per cent.

As the bank celebrated its platinum jubilee, Mushtaq Ahmad, Chairman and CEO of the bank, said “Our immediate vision is to strike the right balance between continuity and change. We envisage J&K Bank to be a mid-size financial institution in the industry that builds a strong and secure economic bridge between the demands of our present societies and aspirations of our future generations.”

Appreciating the role of the bank in localising its products, Omar Abdullah, Chief Minister of J&K, said, “J&K Bank has really sustained the local economies by providing them tailor-made solutions in agriculture, handicrafts and tourism. From entrepreneurship to providing employment they have always taken the lead.”

Source: thehindubusinessline


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