Private sector bank Jammu & Kashmir Bank Ltd. (J&K Bank) reported a higher net profit for the fourth-quarter on higher non-interest income.
The Srinagar -based bank posted a fourth-quarter net profit of Rs.250.08 crore, compared with the Rs.208.12 crore in the fourth-quarter of last year, an increase of 20 percent.
For the quarter, the bank's net interest income grew by 23 percent to Rs.633.55 crore from the Rs.516.10 crore for the same period last year. Non-interest income for the quarter surged by 71 percent to Rs.208.91 crore from the Rs.122.27 crore in the year-ago quarter.
Total income for the quarter increased by 24 percent to Rs.1,835.71 crore from the Rs.1,479.81 crore during the Q4 of last year.
Operating profit for the quarter before provisions and contingencies rose by 29 percent to Rs.538.14 crore from the Rs.417.62 crore in the prior-year quarter.
For the fiscal year, the bank reported a net profit of Rs.1,055.10 crore, up by 31 percent from the Rs.803.25 crore in 2012.
Net interest income for the 12 months rose by 27 percent to Rs.2,316.04 crore from the Rs.1,838.36 crore for the 12 months ended March 31 last year, while non-interest income grew by 45 percent to Rs.483.73 crore from the Rs.334.12 crore in the previous year.
Total income during the year rose by 28 percent to Rs.6,620.53 crore from the Rs.5,169.70 crore in the preceding year.
As at the end of March this year, gross NPA as a proportion of gross customer assets, were 1.62 percent, while the net NPA as a proportion to net customer assets were at 0.14 percent.
Capital-adequacy ratio, as per Basel-II, was 12.34 percent as at the end of March this year, down from the 12.53 percent as on March 31 last year.
The bank's Board has recommended a dividend of 500 percent or Rs.50.00 per equity share of Rs.10 for the fiscal year 2013, to be paid by June 30.
At the BSE, Jammu & Kashmir Bank closed Wednesday's trading at Rs.1,342.10, up 0.78 percent from the previous close.
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