The Jammu and Kashmir Bank posted a net profit of Rs 134.27 crores for the quarter ended September, up 16 per cent compared to Rs 115.92 crores earned during the corresponding quarter of previous financial year, the bank said today.

“With this, the profits for the half-year ended September increased by 20 per cent to Rs 252.33 crores from Rs 210.48 crores recorded during the corresponding half of previous financial year,” chairman and chief executive of the bank Haseeb Drabu said today.

Announcing reviewed financial results for the quarter and half year following the approval of its Board of Directors in a meeting held here on October 30, he said “Our healthy performance speaks itself about the kind of result-oriented thinking and operational efforts that are being invested in our bank“.

He attributed a good measure of growth in profits to the recent initiatives that bank took to hedge the local economy from the adverse impact of the global recession.

“The initiatives have not only resulted in effecting a turnaround in these export-oriented segments of economy, to an extent, but have actually reassured the associated people of the support of JKB that is there to safeguard their interests and empower them financially”, he said.

Drabu said “Keeping focus on policy of JK specific lending, out of the total advances portfolio of Rs 21,282.33 crores, we have given loans to the tune of over Rs 11,000 crores in the state itself, which has yielded us the results for everyone to see”.

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