Jammu and Kashmir Bank today declared a 75 per cent jump in net profit at Rs 52.59 crore for the first quarter of the current financial year.
“J&K Bank has posted a net profit of Rs 52.59 crore for the first quarter ended June 2018, registering 75 per cent increase over the net profit of Rs 30.19 crore reported for the June quarter in the previous financial year, ” a spokesman of the lender said.
The bank’s total income increased to Rs 1,897.24 crore from Rs 1,790.53 crore recorded during the corresponding period of 2017-18.
“Net Interest Margin (NIM) of the bank for the quarter is 3.66 per cent as against 3.19 per cent in March 2018.
“The cost of deposits has reduced to 4.83 per cent as against 5.27 per cent recorded for the corresponding quarter last year,” he added.