India's J&K Bank targets 20% credit growth

The Jammu and Kashmir Bank is targeting a credit growth of 20 percent deposit growth of 17 percent.

This was announced by the bank's Chairman and Chief Executive Mushtaq Ahmad.

Lending in Jammu and Kashmir, which accounts for a little over 40 percent of the book at present, will grow by 25 per cent while the same in rest of India will grow slower, he said.

The bank will be surpassing its target of Rs 1,000 crore net profit in FY13, having already achieved Rs 805 crore in the first three quarters, Ahmad said, declining to quantify the incremental profits.

It will also easily meet the guidance of taking the total balance sheet size to over Rs 100,000 crore by the end of the fiscal, having already touched the Rs 93,000 crore mark, he said.

The bank, majority owned by the state government of Jammu and Kashmir, is witnessing a good demand driven by the return of normalcy in the north Indian state, Ahmad said, adding that the tourism activity and the stress on the infrastructure sector helps the system.

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