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J&K Bank: Improving performance

Jan 15, 2003

J&K Bank, one of the fastest growing banks, announced encouraging 3QFY03 results. The bank reported an 8% increase in its operating income while its net profits grew by 35% on a YoY basis. Growth in topline has been mainly fuelled by a 22% growth in its core business of advances. Income from investments on the other hand have shown a marginal fall.

(Rs m) 3QFY02 3QFY03 Change
Income from operations 3,355 3,630 8.2%
Other Income 633 969 53.2%
Interest expense 2,248 2,225 -1.0%
Net interest income 1,107 1,405 26.9%
Other expenses 374 532 42.2%
Operating Profit 733 873 19.2%
Operating Profit Margin (%) 21.8% 24.0%  
Provisions and contingencies 452 483 6.9%
Profit before Tax 913 1,359 48.8%
Tax 250 467 86.8%
Profit after Tax/(Loss) 663 892 34.5%
Net profit margin (%) 19.8% 24.6%  
No. of Shares (m) 48.2 48.2  
Diluted Earnings per share* 55.1 74.1  
P/E Ratio   1.6  
*(annualised)      

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