|Early Times Report|
Jammu, May 25: The Jammu and Kashmir Grameen Bank has earned a profit of Rs. 14.10 Crores in financial year 2017-18.
According to press release, a Board meeting of JKGB was held today, wherein Board of Directors of the Bank approved the audited financial results of the Bank for the Year ended March 31, 2018.
Commenting on the results and financial performance, R.K. Chhibber, Chairman JKGB said "FY 2017-18 has been a landmark year in J&K Grameen Bank's growth history, with the Bank crossing significant milestone in size, outreach & granularity while continuing to deliver on satisfactory earnings.
The total business of the Bank as on 31.03.2018 is Rs.4999.44 Crores. The advances and deposits of the Bank as on 31.03.2018 are Rs.1594.81 crores and Rs.3404.63 crores respectively. The bank has earned profit of Rs. 14.10 Crore in FY 2017-18.
Board of Directors of the Bank appreciated the tremendous efforts of the Bank to achieve the desirable results in such a short span.
Further, the income of the bank has risen to Rs.321.61 Crore for FY 2017-18 from Rs.305.72 Crore for FY 2016-17, with a decrease in Expenditure from Rs.318.79 Crore in FY 2016-17 to Rs.307.50 Crore in FY 2017-18. Moreover, the Net Interest Margin of Bank for the FY 2017-18 stood at 3.54% as compared to 3.19% as on 31.03.2017. Bank has reduced the cost of deposits from 5.83% for FY 2016-17 to 5.32% for FY 2017-18.
Chairman assured that 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 FY 2018-19.