Excelsior Correspondent
JAMMU, May 25: J&K Grameen Bank (JKGB) has earned a profit of Rs 14.10 crore in Financial Year 2017-18.
This was revealed by RK Chhibber, Chairman, JKGB, in the Board meeting of the bank, wherein Board of Directors of the Bank approved the audited financial results of the bank for the year ended March 31, 2018.
Chibber further disclosed that the total business of the bank as on 31-03-2018 is Rs 4999.44 crore while the advances and deposits of the bank as on 31-03-2018 are Rs 1594.81 crore and Rs 3404.63 crore, respectively.
He said that the bank has remained well positioned to deliver on growth and earnings while preserving asset quality and continuing to invest in Digital and Technology Initiatives to promote Digital India. Priority Sector lending of the bank comprises 77.39% of the total advances portfolio against 75% target fixed by Reserve Bank of India.
Further, the income of the bank has risen to Rs 321.61 crore for Financial Year 2017-18 from Rs 305.72 crore for Financial Year 2016-17, with a decrease in expenditure from Rs 318.79 crore in financial year 2016-17 to Rs 307.50 crore in financial year 2017-18. Moreover, the Net Interest Margin of Bank for the financial year 2017-18 stood at 3.54% as compared to 3.19% as on 31-03-2017. The bank has reduced the cost of deposits from 5.83% for financial year 2016-17 to 5.32% for financial year 2017-18.
The Chairman assured that the bank will focus on augmenting low cost (CASA) deposits, retail deposits, MSMEs, retail credit, fee income, curtailing NPA, resolution of large NPA accounts, recovery & upgradation and increasing digital transactions, while ensuring due focus on compliance and control measures. He further added that the bank now has the capital, the appetite and the Balance Sheet strength to pursue growth in ensuing Financial Year 2018-19.
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