Jammu & Kashmir Bank on Monday recorded a 21.6 per cent rise in net profit at Rs 163.2 crore in the September quarter on strong net interest income numbers.
It had a net profit of Rs 134.2 crore in the same quarter a year ago, the bank said in a filing on the Bombay Stock Exchange.
The total income increased 14.8 per cent to Rs 973.4 crore during the period from Rs 847.4 crore a year ago. Net interest income (NII) rose 52.8 per cent to Rs 372.7 crore from Rs 243.8 crore in the same quarter a year ago. The bank earned an interest of Rs 898.9 crore during the quarter, as compared to Rs 738.1 crore during the same period last year. During the first half of the current financial year ended September, the bank clocked a 22.3 per cent jump in net profit to Rs 308.7 crore from Rs 252.3 crore in the same period last year.
Total income during the first six months of 2010-11 was Rs 1,764.6 crore, compared to Rs 1,513.7 in the same period a year ago.
Earlier this month, the Reserve Bank cleared the appointment of Mushtaq Ahmad as the new chairman and chief executive officer of Jammu and Kashmir Bank, after the unceremonious exit of its former chairman Haseeb Drabu in August.
Shares of J&K Bank closed at Rs 861.75, up 0.13 per cent on the Bombay Stock Exchange.