Jammu and Kashmir Bank posts Rs.182 crore Q1 profit

July 30th, 2011 - 9:32 pm ICT by IANS  

Srinagar, July 30 (IANS) The Jammu and Kashmir Bank announced Saturday it has posted a net profit of Rs.182 crore (Rs.1,820 million) for the first quarter of this fiscal ending June 30, as against Rs.145 crore (Rs.1,450 million) in the same period last year.

A statement by the corporate headquarters of the bank here said: “In the corresponding quarter of last financial year, the bank’s net profit was Rs.145 crore, which means net profit has jumped by 25 percent.”

Bank chairman and CEO Mushtaq Ahmad said: “Our impressive growth is the outcome of our new business strategy which has enabled the bank to convert the challenges into opportunities.

“The bank is emerging as a stronger bank with sound fundamentals. A growth of almost 25 percent in net profit is matching our ambitious target for garnering business of Rs.100,000 crore with a net profit of Rs.1,000 crore by March 2013.”

The chairman said the policies of the bank would be aimed at socio-economic development of the state by financing employment generation and poverty alleviation programmes of the government.

The Jammu and Kashmir Bank Ltd is one of the largest banks in the non-nationalised banking sector in the country.

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