Left Menu
Development News Edition

J&K Bank continues to register growth despite recent events: Mehta

J&K Bank continues to register growth despite recent events: Mehta
Representative Image Image Credit: ANI

Jammu and Kashmir Bank is firmly moving on a path towards growth despite some of the recent events, Financial Commissioner, Finance, Arun Kumar Mehta said Tuesday. The bank has shown profitability for the 8th straight quarter and posted a net profit of Rs 465.00 crore in the last fiscal, bank officials said.

The operational performance of the bank with regard to all the banking parameters has been satisfactory with the figures of advances and deposits during the five months of the current fiscal showing an increase of Rs 900.00 crore and Rs 2,030 crore, respectively from those over the corresponding period during the last fiscal, Mehta said. This was revealed in a meeting held today by the Financial Commissioner, Finance with the J&K bank officials.

While informing that the aggregate credit and deposits have grown substantially year on year (YoY) basis, CMD J&K Bank, RK Chibber, indicated that the bank has shown YoY credit growth of 16 percent, which is indicative of robust growth momentum. Sharing the details of the risk management framework and NPA provisioning put in place by the bank, he stated that the bank's internal controls and processes have been aligned with the industry's best practices and RBI's directives and that there is adequate provisioning for NPAs.

While informing that the bank is operating with a better than industry average net interest margin of 3.84 percent, he revealed that the bank has shown profitability for the 8th straight quarter and posted a net profit of Rs 465.00 crore in the last fiscal. Assuring the CMD of the bank of the government's full support for its growth initiatives, he advised that the bank should improve the bank-customer interface to make dealing with the bank healthy experience for its vast customer base.

He further stressed upon the CMD Bank to evolve a communication strategy across multiple media and marketing platforms to dispel the misinformation about the bank. Financial Commissioner, Finance assured that the Government of J&K, holding a majority stake of 59% in the bank, and J&K Bank will continue to work together to fulfill the aspirations of 12 million account holders of the bank who have reposed their trust in the bank.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)



Hyderabad Encounter: Time to review modern judiciary and restore people’s confidence

Its probably for the first time in the history of independent India, the parliamentarians, chief ministers and ministers in the Union and State governments are openly supporting an encounter. This indicates the people from top to bottom hav...

What happens to your outstanding loans if the bank falls?

... ...

Time for a change! Innovations to stop the growing plastic pollution

As the planet is drowning in plastic pollution, many new innovative approaches and solutions have emerged to effectively deal with the menace....

How to avoid fake universities and fishing bait like Farmington

As education sharks are roaming around to prey, we present a guide on how to mitigate hunters and reach to a genuine universityinstitute. In this era of commercialization of education, the fake universities and economic frauds in educationa...


Latest News

JNU students begin march to Rashtrapati Bhavan, police appeals for peaceful protest

Jawaharlal Nehru University students began a march to the Rashtrapati Bhavan on Monday seeking an appointment with the president, the visitor of the varsity, to urge him to intervene to ensure that the hike in hostel fee is rolled back. In ...

Delhi Fire: Forensic team collects samples from Anaj Mandi building

A day after a massive fire claimed 43 lives in north Delhis Anaj Mandi area, a forensic team is currently collecting samples from the site, police said on Monday.The Forensic Science Laboratory FSL team is inside the four-story building whe...

Amit Shah moves Arms Amendment Bill for passage in LS, says many infirmities in existing law

The Lok Sabha on Monday took up for discussion the Bill, which seeks to increase punishment for illegally making or selling prohibited arms and ammunition with Home Minister Amit Shah saying that there were many infirmities in the existing ...

GLOBAL MARKETS-Stocks stutter as attention turns to the trade deadline, c.bank meetings

European stocks fell on Monday as worries about a Chinese economic slowdown and the U.S.-China trade war outweighed Fridays strong U.S. jobs data, in a quiet start to trading before several big events later in the week.The Federal Reserve m...

Give Feedback