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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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Art 35-A row: SC to take ‘in-chamber’ decision on listing of plea

Press Trust of India

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New Delhi, Jan 22: The Supreme Court on Tuesday said it would take an “in-chamber” decision on listing of a petition challenging the constitutional validity of Article 35-A, which provides special rights and privileges to permanent residents of Jammu and Kashmir. Advocate Bimal Roy Jad mentioned the matter before the bench headed by Chief Justice Ranjan Gogoi and also comprising Justices L Nageswara Rao and Sanjiv Khanna.
He sought urgent hearing of the petition, filed by ‘We The Citizens’, saying the court had earlier ordered listing of the matter in the second week of January.
In August, the apex court adjourned hearing on a batch of petitions challenging Article 35 A till January this year, after taking note of submissions of the Centre and the state government that there was a law and order problem in the state.
Article 35-A, which was incorporated in the Constitution by a 1954 Presidential Order, accords special rights and privileges to the citizens of Jammu and Kashmir and bars people from outside the state from acquiring any immovable property in the state.
The apex court had on August 31 deferred till January the hearing on the pleas challenging the constitutional validity of Article 35 A, which provides special rights and privileges to natives of Jammu and Kashmir, after the Centre and the state said that polls to local bodies polls there would go on till December.
Earlier, Additional Solicitor General Tushar Mehta had said that certain aspects of Article 35A needed to be debated upon and said, “It can’t be denied that there is an aspect of gender discrimination in it (Article 35A).”
On August 6, the apex court had said that a three-judge bench would decide whether the pleas challenging Article 35A should be referred to a five-judge constitution bench for examining the larger issue of alleged violation of the doctrine of basic structure of the Constitution.
Several petitions including by political parties like the National Conference and the CPI-M, have also moved the Supreme Court in support of Article 35-A that empowers the state assembly to define “permanent residents” for bestowing special rights and privileges to them.

 

‘JK women marrying non-natives don’t lose residency rights’

 

Srinagar, Jan 22: Women hailing from Jammu and Kashmir who choose to marry men from outside the state do not lose their residency and inheritance rights under Article 35-A of the Constitution, a top legal expert said on Tuesday.
“This issue was settled by a full bench of Jammu and Kashmir High Court in the case titled State and others vs Dr Susheela Sawhney and others in October 2002 by striking down the proviso of the state subject (permanent residency) law according to which women marrying outsiders would lose their permanent resident status,” former advocate general of Jammu and Kashmir government Ishaq Qadri said.
The bench, in the landmark judgment on 7 October 2002, held by a majority view that the daughter of a permanent resident of Jammu and Kashmir will not lose her status as a permanent resident upon her marriage to a person from outside the state.
Qadri’s remarks come after the Supreme Court said earlier on Tuesday it would take an “in-chamber” decision on listing of a petition challenging the constitutional validity of Article 35-A, which provides special rights and privileges to permanent residents of Jammu and Kashmir.
He said the then PDP-Congress coalition government challenged the verdict in the Supreme Court but later withdrew its petition.
“Then law minister Muzaffar Hussain Beigh brought Jammu and Kashmir Permanent Resident Status (Disqualification) Bill 2004 in the state legislative assembly and it was passed by the lower house in March 2004,” the former advocate general said.
“Since it was a Constitutional amendment bill, it needed two-thirds majority to be passed. The National Conference, which was in the opposition, supported it, ensuring the passage of the bill in the assembly,” Qadri said.
Had the bill passed the scrutiny of the legislative council — the upper house of the state legislature — and got the governor’s assent, the women marrying men outside the state would have lost their status as permanent residents, he added.
However, there was an outcry against the bill, mainly in the Jammu region.
It was taken up for discussion in the legislative council but the then chairman Abdul Rashid Dar adjourned the House sine die without taking a vote on it, Qadri said.
“As A result, the bill lapsed and it was never reintroduced,” he said, adding that the high court ruling on the permanent residency rights of women marrying outside the state stands as on date.
Article 35-A was incorporated in the Constitution in 1954 by an order of President Rajendra Prasad on the advice of the then Cabinet headed by Jawaharlal Nehru.
In the previous hearing of the petition filed by NGO ‘We The Citizens’, a lawyer had given an illustration and said if a native woman of the state married an outsider, she loses several rights, including property rights, in the state, but if a man marries a Pakistani woman, he and his spouse get all rights.
Additional Solicitor General Tushar Mehta, who is representing the Jammu and Kashmir government in the apex court, had agreed to the contention that Article 35-A and certain aspects needed to be debated upon.
He said, “It can’t be denied that there is an aspect of gender discrimination in it (Article 35A).”

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Avalanche hits Ramban, 12-year-old girl among 2 killed

Heavy snowfall closes Sgr-Jmu highway; weather to improve from today

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Srinagar, Jan 22: Two persons were killed and many others went missing after an avalanche hit them while they were heading home at Kawana Trigam village in Ramban district on Tuesday.
Official sources said that snow avalanche, which occurred at around 3 pm near Kawana at Trigam, swept away four persons.
Bodies of two persons were recovered and they have been identified as Rafiq (25) son of Ghulam Qadir and Sumerna (12) daughter of Mukhtar Ahmed.
The missing persons have been identified as Fatha Begum (30), son of Surkh Ahmed and Taja Begum (32) wife of Margob. All residents of Trigam, 50kms from Ramban, were moving towards their home when the avalanche struck them.
Deputy Commissioner Ramban has sanctioned ex-gratia of Rs 4 lakh in favour of each of the Next of kin of the deceased.
Meanwhile, the local meteorological department predicted improvement in the weather conditions from Wednesday.
Deputy Director MeT, Mukhtar Ahmad said there will be improvement in the weather conditions from Wednesday.
Ahmad further added that there is no further prediction of rain or snowfall across the Valley till January 29 but on Jan 25, the weather would remain cloudy throughout the day as per the present forecast.
The intermittent rainfall continued to lash plains since Sunday evening while as the higher reaches and other districts of the Valley experienced fresh snowfall.
The snowfall at various places especially Srinagar-Jammu highway led to the continuous closure of the only road connecting Valley with rest of the States.
The highway was closed for second straight day today in view of the fresh snowfall that triggered slippery conditions of the roads.
Meanwhile, hundreds of passengers are stranded on the highway at Banihal or other districts in Jammu due to the closure of roads who have demanded authorities to open the highway for vehicular movement at an earliest.
However, officials said that men and machinery has already been deployed to clear the road but the fresh snowfall on Tuesday disrupted the road clearance work.
“The road clearance work is on and the road will be thrown open after the roads are cleared,” they added. (With inputs from GNS)

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Observe Jan 26 as ‘Black Day’: Joint Hurriyat to people

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Srinagar, Jan 22: The Joint Hurriyat Leadership on Tuesday urged people to observe January 26 as a ‘black day’ to register their strong protest against New Delhi for not resolving Kashmir dispute.
In a statement, the Joint Hurriyat comprising Syed Ali Geelani, Mirwaiz Umar Farooq and Yasin Malik said that for past 71 years people of J&K have been demanding the right to self-determination that Indian leadership promised to them.
“However, till this day not only has that commitment not been fulfilled but those that remind them of it are rewarded with bullets and pellets are incarcerated and gagged,” the statement said.
They said that lakhs of armed forces are deployed to suppress the aspirations of people and draconian laws like AFSPA and PSA are invoked to ensure people’s sentiments do not get out of hand.
“Hundreds of people are lodged and languishing in jails in JK and outside whose only crime is their demand for restoration of basic human and political rights the fundamental right to decide their destiny,” the Joint Hurriyat said.

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