SRINAGAR, Aug 7: Jammu and Kashmir Bank today reported 35 per cent rise in net profit to Rs 246 crore for the quarter ended June 2012 as compared to the year-ago period.

“The bank has earned a net profit of Rs 246 crore in the first quarter ended June 30, 2012, which rose by 35 per cent year-on-year from Rs 182 crore in corresponding quarter of financial year 2011-12,” a spokesperson of the bank said.

The bank’s operating profit increased by 31.22 per cent to Rs 415.17 crore during the quarter from Rs 316.38 crore in the corresponding quarter of last financial year.

“The bank’s profit and income growth amply proves our consistent performance. Amid conditions where lending strategies have become a crucial aspect of banking business, we have increased our advances and improved yields on the same. All key ratios are showing an upward trend too,” Jammu & Kashmir Bank Chief Executive Officer Mushtaq Ahmad said.

The bank has set a target of Rs 1,000 crore net profit for the current fiscal year.