J&K Bank slashes base rate by 35 bps to 9.5%

J&K Bank on Wednesday said that it has reduced its base rate by 35 basis points, making its loans cheaper for new as well as existing customers in Jammu & Kashmir and across the country.

The base rate of the bank stands reduced to 9.50 per cent from 9.85 per cent with immediate effect.

Maushtaq Ahmed, Chairman & CEO, J&K Bank announced this decision after the bank's Asset Liability Committee meeting at its Corporate Headquarters in Srinagar.    

srivats.kr@thehindu.co.in


Source : Thehindubusinessline

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J&K Bank Q1 net rises 22% to Rs. 159 cr

Jammu & Kashmir bank today reported 22 per cent rise in net profit at Rs. 158.76 crore for the first quarter ended June 30, 2015, against Rs. 130.05 crore in the corresponding quarter of previous fiscal.

However, total income of the bank fell in the first quarter to Rs. 1,888.35 crore as against Rs. 1,899 crore a year ago, because of a higher tax outgo.

The tax expenses during April-June period of current fiscal rose to Rs. 86.68 crore from Rs. 70.70 crore a year ago, the bank said in a BSE filing.

Meanwhile, the asset quality of the bank slipped further as gross non—performing assets (NPAs) were at 6.63 per cent of gross advances as against 4.16 per cent a year earlier.

Net NPAs or bad loans too were higher at 2.95 per cent of net advances as against 2.18 per cent a year ago.

Jammu & Kashmir Bank scrips traded at Rs. 112 a share of BSE, up 2.10 per cent from previous close.


Source : Thehindubusinessline

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J&K Bank to increase credit to over Rs 25,000 cr in next 3 years

Expressing satisfaction over the performance of J&K Bank in various sectors, its Chairman & CEO Mushtaq Ahmad has said the lender will continue to take steps for further improvements and increase credit levels to over Rs 25,000 crore from the current Rs 18,000 crore.

"In next two to three years, J&K Bank's credit book will increase beyond Rs 25,000 crore from the existing Rs 18,000 crore," Ahmed said.

He was delivering the inaugural lecture at valedictory function of Platinum Jubilee celebrations of the bank here last night in the presence of state Governor N N Vohra and Chief Minister Omar Abdullah.

"Everybody knows during the last three to four years there has been a slowdown in the Indian economy. There was very small credit growth in rest of the country - it has been around 15 per cent.

"But we have been growing in the Jammu and Kashmir by 25 per cent as per out credit book -- that means a great satisfaction to us," he said.

On the growth of the bank, he said after being set up having few branches and then battling the crisis during the 1947 partition, it has come a long way and now had 639 branches.

"When we see towards the contribution to the state -- out of a total credit of Rs 27,000 crore -- J&K Bank alone has contributed Rs 18,000 crore, which is about 67 per cent of the total," he said.

As far as total priority sector advances are concerned, J&K Bank has contributed 63 per cent, he said adding as regards agriculture credit, it stood at 76 per cent to the sector, which is the backbone of the state's economy.


Source: Economic Times

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