Jammu & Kashmir Bank (J&K Bank) is planning to completely or partially sell its 5% stake in life insurance joint venture MetLife India. The bank already divested partially from MetLife by reducing its equity from 11% to 5%.
J&K Bank is a corporate agent of Metlife India. It sells life insurance products through its branches network. The bank controls 68% of the loan book in J&K and has 63% share in deposits in the state.
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.
