Jammu & Kashmir Bank has posted 15 per cent jump in net profit

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Quarterly and Annual Result: J&K Bank
The Jammu & Kashmir Bank Ltd. on May 14, 2011 took on record the audited financial results for the fourth quarter and year ended March 31, 2011.

Quarter ended March 31, 2011

The bank registered a growth in net profit of 15% at Rs 139 crore for the quarter ended Mar, 2011 as compared to Rs 120 crore earned during the quarter ended Mar, 2010. EPS for the quarter ended Mar, 2011 stood at Rs 28.58, up 15 % from Rs 24.76 earned during the corresponding quarter of previous financial year.

NIMs (Net Interest Margins) Ratio for the quarter ended Mar, 2011 increased to 3.72% (annualized) vis-À-vis 3.27% for the corresponding quarter of previous financial year.

The Yield on Advances (annualized) for the current quarter stood at 11.15% compared to 10.52% for the quarter ended Mar, 2010. Business per Employee and Net profit per Employee (annualized) improved to Rs 8.93 crore and Rs 6.98 lakh respectively for the quarter ended Mar, 2011 from Rs 7.74 crore and Rs 6.16 lakh pertaining to the quarter ended Mar, 2010.

Gross and Net NPA"s as percentages to Gross and Net Advances as on Mar, 2011 at 1.95 % and 0.20 % respectively compared to 1.97 % and 0.28 % as on Mar, 2010.NPA Coverage Ratio as on Mar, 2011 at 92.71 % compared to 90.13 % a year ago.

Post tax Return on Assets at 1.10 % (annualized) for the quarter ended Mar, 2011 compared to 1.13 % for the corresponding period of the previous financial year.

Post Tax Return on Average Net-Worth (annualized) for the quarter ended Mar, 2011 at 15.91 % compared to 15.94 % recorded for the corresponding quarter a year ago.

Year ended March 31, 2011

The bank registered a growth in net profit of 20 % at Rs 615 crore for the financial year ended Mar, 2011 as compared to Rs 512 crore earned during the financial year ended Mar, 2010. NIMs (Net Interest Margins) Ratio for the financial year ended Mar, 2011 improved to 3.62 % vis-À-vis 3.04 % for the previous financial year.

The Yield on Investments of the bank for the financial year ended Mar, 11 improved to 6.34 % from 5.71 % pertaining to the previous financial year. Cost of Deposits declined to 5.05 % for the current financial year ended Mar, 2011 compared to 5.24 % a year ago. Low cost Demand & Saving Deposits as on Mar, 2011 stood at Rs 18087 crore up 19 % from Rs 15153 crore a year ago. CASA Ratio was at 40.48 % as on Mar, 2011 compared to 40.69 % a year ago.

Post tax Return on Assets improved to 1.22 % for the current fiscal year from 1.20 % for the previous financial year. Post Tax Return on Average Net-Worth for the current fiscal year ended Mar, 2011 improved to 18.96 % from 18.19% recorded for the previous financial year .Capital Adequacy Ratio Basel I and Basel II as on Mar, 2011 stood at 13.30 % and 13.72 % respectively compared to 14.81 % and 15.89 % a year ago.

Jammu & Kashmir Bank Ltd have recommended 260% Dividend (i.e. Twenty Six Rupees per share) to shareholders for the year 2010-2011 and subject to the approval of the shareholders at the ensuing Annual General Meeting scheduled to be held on July 09, 2011, Bank proposes to issue dividend warrants to its shareholders on July 18, 2011.

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