J&K Bank reported a 20% increase in its FY11 profits

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J&K Bank reported a 20% increase in its FY11 profits
The Jammu & Kashmir Bank has come out with its financial results for the fiscal ended March 31, 2011. The bottom line of the bank during the year witnessed a 20% increase to Rs 615.2 crore over the previous fiscal.

Total income during the same period grew by 17.4% to Rs 4,077.8 crore over the last year.

The bank has further registered 18% growth in its business to Rs 10,000 crore during the financial year 2010-11 as compared to the previous fiscal. Bank"s Chairman and CEO, Mushtaq Ahmad stated that the banks outstanding performance during FY2011 has put it on a growth path for achieving the planned target of Rs 100,000 crore business and profit of Rs 1,000 crore by the end of fiscal 2013.

The board of directors of the bank has proposed a dividend of Rs 26 which is equivalent to 260 per cent for the financial year 2010-11.

Read more about: jammu and kashmir bank, results
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