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 per cent, which is indicative of a 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 per cent, 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 fulfil the aspirations of 12 million account holders of the bank who have reposed their trust in the bank.