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Srinagar, June 2 (UNI) Jammu and Kashmir Bank (JKB) has recorded a net profit of Rs 360 crore in financial year 2007-08, an increase of 31 per cent over the previous financial year's profit of Rs 274.49 crore.

The Board of Directors of the Bank has recommended a dividend of Rs 15.50 per share (155 per cent). On the basis of dividends recommended, the Dividend pay out ratio for the same works out to 21 per cent.

Addressing a press conference here this afternoon, Chairman of the Bank Dr Haseeb A Drabu said the Bank's operating profits were up by over 17 per cent at Rs 651.84 crore at the end of March 2008 as compared to the financial year 2006-07.

Total income of the Bank increased by 30.09 per cent and was recorded at Rs 2,679.24 crore which included interest income of Rs 2,434.23 crore and other income of Rs 245.01 crore.

Dr Drabu identified the new business strategy adopted by the bank, which envisages major focus on the State of Jammu and Kashmir as the drivers of growth.

He said remarkably, the Bank has shown phenomenal credit growth in all six zones in Kashmir and Jammu, which has been recorded at 35.5 per cent.

In rest of the country, this growth has been 2.6 per cent.

Notably, the credit growth in low-income zones like Kashmir North and Jammu North has been healthy.

The Bank has registered a Credit-Deposit ratios of 50 per cent and 30 per cent in Kashmir and Jammu provinces respectively as on March 2008 as against previous years ratio of 39 per cent and 26 per cent respectively.

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