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JK Bank Q1 net profit grows 75% to 52 Cr

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Srinagar, July 26:J&K Bank the premier financial institution and a listed entity of the state today declared a robust start to the Financial Year 2018-19 by posting a net profit of Rs 52.59 Cr for the first quarter ended June 2018 registering 75 pc increase over the net profit of Rs 30.19 Cr reported for the June quarter in the previous financial year. The reviewed results were declared today after its Board adopted the numbers in the meeting held here at the Bank’s Corporate Headquarters.
The spokesman in a statement said that bank’s total income increased to Rs 1897.24 Cr from Rs 1790.53 Cr recorded during the corresponding period of the FY 2017-18.Net Interest Margin (NIM) of the bank for the quarter is 3.66 pc as against 3.19 pc in March 2018. The cost of deposits has reduced to 4.83 pc as against 5.27 pc recorded for the corresponding quarter last year.
The Provision Coverage Ratio a measure of banks cushions against bad debts stood at 66.78 pc, The bank has reported improvement in its Gross NPA ratios to 9.83% as compared to 10.79% recorded at the end of corresponding quarter last year. The net NPA stood at 4.65 pc.
The Capital Adequacy Ratio (CAR) of the Bank has improved to 12.42 pc from 11.10 pc as of June 2017 against the regulatory requirement of 10.88 pc.
The advances of the bank grew to Rs 59841.05 Cr as against a figure of Rs 48733.19 Cr bank a year ago posting a credit growth of 23% . The deposits of the bank showed a muted YoY growth of 7.91 pc to Rs 77419.57 Cr from Rs 71744.48 Cr reported during the last year.
Commenting on the results, J&K Bank Chairman and CEO Parvez Ahmed said, “The bottom line has been aided by credit growth in J&K business which contributed to an increase in interest income of the Bank. We continue to reduce the share of corporate loans which now constitutes 48% of our loan book. In the J&K state business, our focus has been on MSME, housing, personal and startups. The outcomes are in line with the reoriented strategy put in place and we are quite confident today that the bank is not only on a sustained recovery path but has already begun to leverage the growth prospects in the state economy.”
“We have provided an amount of Rs 255 Cr during the quarter for the NPAs to maintain our Coverage ratio at levels comparable with the best in the industry. Simultaneously we have recovered/upgraded NPAS of Rs 535 Cr during the quarter. Though we have made NPA recoveries of Rs 4250 Cr in the last two years, recovery of bad loans will continue to be the topmost priority”, he added.
“With raising of Additional Capital of Rs 1000 Cr during the quarter our capital position has improved markedly with our Capital Adequacy Ratio (CAR) at 12.42 pc, which is much better than the regulatory requirements of 10.88 pc. It has also enabled the bank to expand our credit aggressively within the state to capitalize on the opportunities in the potential sectors of the state economy. We are confident that we will be achieving a credit growth of over 20% during the current financial year ” asserted the Chairman.
“We are continuing to improve our digital footprint by not only increasing the percentage of digital transactions but are also leveraging the cost-cutting opportunities by the digital acquisition of retail loans through our Phone Pe Loan channel. Over a period of the current financial year we are targeting migration of all our institutional customers to the digital channels by entering into MOUs for preferred customer status to them” said the Chairman.
Describing the challenges faced by the bank he said,” Stress on income still prevails on account of provisioning requirement as per aging of NPAs besides due to the reversal of interest booked on JK state restructured portfolio for the 03 remaining quarters as per the staggering allowed by the RBI. Restructured loans of J&K have to be managed well to avert slippages.”


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Missing B’pora teacher found dead in Wular

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Srinagar, May 20: Body of a government school teacher missing for the last one week was recovered from Wular Lake under mysterious conditions near Leharwalpora area in north Kashmir’s Bandipora district on Monday.

The police have started proceedings under 174 CrPc into the nature of death.

Reports said that some locals spotted the body in the Lake near Leharwalpora Monday morning and accordingly informed the concerned police station.

 

A police team immediately reached the spot and retrieved the body from the lake, they said.

The deceased has been identified as Mushtaq Ahmed Lone (27) son of Abdul Rehman Lone of Gurez at present Sheikhpora Colony Mantrigam Bandipora.

Mushtaq, a teacher by profession had left to attend his duty at Government High Secondary School Chuntimulla on May 13 but did not return since then.

Confirming the incident, SSP Bandipora Rahul Malik said that an FSL team was rushed to the spot for medical examination.

“The medical team has been constituted for post-mortem including experts from GMC Srinagar in the presence of Magistrate,” he said.

Proper photography and videography is being done of entire proceedings. Rest all other medico legal formalities of the deceased are being done, he said.

We are awaiting FSL and medical report to come to ascertain the actual cause of death, he said.

“An enquiry under 174 CrPc has been initiated and further investigations have been taken up,” the officer added.

Pertinently, the family members and neighbors held a protest demonstration on May 18 and had urged administration for help in tracing their missing kin.

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Kashmir University gets A+ NAAC accreditation

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Srinagar, May 20: After bagging 53rd rank in NIRF 2019 and 51st in QS India University Rankings 2019, the University of Kashmir added yet another feather to its cap by scoring A+ grade in the recent reaccreditation cycle by National Assessment and Accreditation Council (NAAC).

According to the result issued by NAAC, the University of Kashmir is scoring an impressive 3.31 Institutional Cumulative Grade Point Average (CGPA) on a scale of 04 ahead of several other leading Universities in the country.

The University has scored 3.89 in Infrastructure and Learning Resources, 3.67 in Curricular Aspects, 3.18 in Teaching Learning and Evaluation, 3.05 in Research, Innovations and Extension, 3.61 in Institutional Values and Best Practices, 3.1 in Governance, Leadership and Management and 2.94 in Student Support and Progression.

 

The long-awaited accreditation was awarded to the University by peer NAAC team on Monday, May 20, 2019, which visited the varsity in the first week of May 2019 from 02-05-2019 to 04-05-2019.

It is in place to mention here that KU has earlier been accredited during its previous two cycles first in 2002 and then again in 2011 and on both these two occasions the University was awarded grade ‘A’ by NAAC.

Pertinently the Peer NAAC team comprising of six members during its visit to the University earlier this month applauded University for its research standards and stated that the varsity has made a quantum jump in its Infrastructure and Learning resources.

Being the chairperson of Monitoring and Steering Committee the Vice Chancellor University of Kashmir Prof Talat Ahmad personally monitored the preparedness of the University for the Peer NAAC team visit.

While congratulating the staff, students, scholars and alumni on the occasion Prof Talat said “I congratulate both teaching and non-teaching faculty, students, scholars and alumni for this tremendous feat. It was a team effort and we succeeded in our efforts. However at the same time we must understand that we don’t have to be complacent and work harder to achieve much higher grade next time so that our University gets international recognition.”

Registrar KU Dr Nisar A Mir said “I congratulate all the stakeholders of the University and this particular grade will ensure better job placements for our students and will fetch more fellowships to our scholars. Moreover, it will help us to upgrade our infrastructure while we will succeed in securing better funds from different funding agencies governed by UGC and other bodies.”

Governor congratulates varsity:

Governor Satya Pal Malik, Chancellor of the University of Kashmir, Monday congratulated Prof. Talat Ahmad, Vice-Chancellor of the University, his colleagues, staff and students for being awarded A+ Accreditation by peer NAAC Team.

Governor has expressed happiness on the impressive performance of the University by securing 3.31 Cumulative Grade Point Average (CGPA) on a scale of 04. He has urged for making the University a leading Institute in teaching and research and wished it success in all its future academic endeavours.

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Mirwaiz Farooq’s anniversary: Curbs in parts of downtown today

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Srinagar, May 20: The Srinagar administration has decided to impose curbs in parts of downtown on Tuesday on the eve of Awami Action Committee (AAC) rally from Jamia Masjid to Martyrs’ graveyard Eidgah to commemorate the martyrdom anniversary of Shaheed-e-Milat Mirwaiz Moulana Muhammad Farooq.

An official that restrictions will be imposed on Tuesday in the areas falling under the jurisdiction of Nowhatta, Safa Kadal, Rainawari, MR Gunj and Khanyar. “The decision has been taken as a precautionary measure,” the official said.

Meanwhile, authorities placed Mirwaiz Umar Farooq under house arrest ahead of the Eidgah Chalo call announced by Hurriyat (M) to observe death anniversary of Mirwaiz Farooq.

 

A police official confirmed that Mirwaiz had been placed under house while as restrictions Will be imposed in various parts of Srinagar.

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