Jammu and Kashmir Bank Limited
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BSE Code:
532209
NSE Code:
J&KBANK
Business Profile
Business Profile
Jammu & Kashmir Bank (JKBANK), was incorporated in 1938 as a government company to extend banking facilities in Jammu & Kashmir. Later, it was allowed to expand to all parts of the country. As on 31st March 2005, the bank had a total of 500 branches/offices and 170 ATMs across the country. Of the above, 423 are computerized and 200 facilitated with anywhere banking. It has set up a central data center and modified its 78 offices in Delhi and Mumbai to core banking solutions (CBS). The bank is the only private sector bank entrusted with the responsibility of convening state Level bankers` committee for 8 out of 14 districts of Jammu and Kashmir state. The bank has two rural banks.
The bank has diversified its business activities into insurance, both life and non-life. The bank has also diversified its operations to include depository services and insurance products. It is registered with NSDL and CDSL to provide depository services and also associated with IL and FS Investsmart to provide broking services to boost its fee-based income significantly. It has tied up with Metlife to offer life insurance and with Bajaj Alliance General Insurance Co. to offer general insurance. The bank also tied up with American Express Bank and Master Card International to foray into the card business.
The net NPAs for last fiscal stood at 1.41% and capital adequacy ratio stood at 15.15%.
Financials
The bank disclosed a steady growth in standalone net profit for the quarter ended December 2008. During the quarter, the profit of the bank rose 10.54% to Rs 1,206.70 million from Rs 1,091.60 million in the same quarter last year. Interest earned for the quarter rose 29.40% to Rs 8,000.40 million, while total income for the quarter rose 21.88% to Rs 8,394.30 million, when compared with the prior year period. It posted earnings of Rs 24.89 a share during the quarter, registering 10.52% growth over previous year period.
Recent Developments
20-FEB-09
The bank inked an agreement with Jammu and Kashmir government to set up 1,109 kiosks in all the 22 districts of the state to cover 6,654 villages and generate 2,000 jobs for computer knowing youth of the state.
13-JAN-09
The bank has launched facility for e-Payments of direct taxes and a new ATM at its Punjbakhtar Branch in Jammu, reports Business Line.