J&K Bank today reported a profit of Rs 202.72 crore for the fourth quarter ended March 31, 2018.
J&K Bank today reported a profit of Rs 202.72 crore for the fourth quarter ended March 31, 2018. "The Board of the bank adopted the audited financial results for the Q4 and FY 2017-18 here today," a spokesman of the bank said.
He said the audited results reveal that the bank registered a total business of Rs 1,40,304.78 crore, comprising deposits of Rs 80,006.50 crore and advances of Rs 60,298.28 crore.
Within the state, the bank reported a credit growth of 20 percent in line with the state focused lending strategy of the current leadership of the bank.
Commenting on the numbers, Chairman and CEO of the bank Parvez Ahmed said the banking industry has seen a very difficult and challenging 4th quarter with the RBI coming out with revised guidelines on NPA identification and treatment besides quashing the restructuring schemes leading to some major slippages across the industry.
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"Then there was the Nirav Modi effect which lead to one of our accounts M/S Gitanjali Gems getting downgraded. In the JK state rehabilitated portfolio, RBI notified some divergence in classification. All this resulted in enhanced provisioning and interest reversals which precipitated in muted bottom-line for the quarter," Ahmed said.
He said on the brighter side, the bank was able to complete the cleanup and consolidation act.
"In the current fiscal though there will still be pressure on the balance sheet but we do not anticipate any major downgrade in the pipeline," he added.