Private sector lender Jammu & Kashmir Bank today recorded a 21.6 per cent rise in net profit at Rs 163.2 crore in the second quarter of this fiscal, on strong net interest income numbers.
It had a net profit of Rs 134.2 crore in the same quarter of 2009-10, Jammu & Kashmir Bank said in a filing on the Bombay Stock Exchange (BSE).
The bank's total income increased 14.8 per cent in Q2 FY11 to Rs 973.4 crore, from Rs 847.4 crore in the year-ago period.
J&K Bank's Net Interest Income (NII) rose by 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, compared to Rs 738.1 crore during the same period last fiscal.
During the first half of the current fiscal ended September 30, 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 fiscal, it said.
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, 2010.
Shares of J&K Bank closed at Rs 861.75, up 0.13 per cent on the BSE.
