J&K Bank posts Rs 182 crore quarterly profit

The Jammu and Kashmir Bank posted a net profit of Rs.182 crore of Rs.1,820 million for the first quarter of this fiscal ending June 30.

It had a net profit of Rs.145 crore in the same period last year.

"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," the bank said.

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

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

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.

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