Credit rating agency, CRISIL has reaffirmed ‘A1+’ ratings on Jammu & Kashmir Bank’s (J&K Bank) debt instruments. The ratings on the fixed deposit and certificate of deposit programmes of the bank have been re-affirmed at ‘FAA/Stable/CRISIL A1+’.
The ratings continue to reflect the bank’s strong capitalization, healthy resource profile, comfortable asset quality, and the systemic support that the bank is expected to receive in the event of distress, given its dominant banking role in Jammu & Kashmir (J&K) and its unique status as banker to the Government of Jammu & Kashmir (GoJK).
The bank reported a rise of 25.12% in its net profit at Rs 307.92 crore for the first quarter ended June 30, 2013, as compared to Rs 246.09 crore for the same quarter in the previous year. Total income from operation of the bank increased by 9.36% to Rs 1716.47 crore for the quarter under review as compared to Rs 1569.53 crore for the quarter ended June 30, 2012.
