Jammu & Kashmir Bank (J&K Bank) is eying to achieve a business mark of Rs 1,70,000 crore, with a net profit of Rs 1,800 crore by the 2016 financial year. The lender, which recorded a profit of Rs 610.6 crore for the first half of this financial year, estimates net profit for 2013-14 at Rs 1,260 crore.
In this regard, the bank will focus on aggressive growth in its home state, while improving its presence in other parts of the country. The company is looking at 1,000-branch bank within three years. Of these, around 800 must operate in J&K and 200 in the rest of the country.
At the end of September 2013, the bank’s total business stood at Rs 1,02,292 crore - Rs 41,120.8 crore of advances and Rs 61,171.2 crore of deposits.
