Public sector bank, Jammu&Kashmir (J&K) Bank has seen the biggest jump in its profit ever. The annual net profit of the bank managed to cross the Rs. 500 crore mark and reached Rs. 512.38 crore for the financial year 2010.

What is worth noting is that the figure has risen from Rs. 409.84 crore, an increase of 25 per cent.

For the quarter ending March, 2010 it saw an increase of 53 per cent in its profit to reach Rs. 120.04 crore. This is higher as compared to Rs. 78.68 crore for the same period last year.

Talking about the results, the Chief Executive of the bank, Haseeb Drabu said that in the last five years, the bank has gone through a transformational phase and that it has been a success.

He further added that the consolidation phase through which the bank has undergone has made it more stable and competitive in the market.

And since the bank has been able to achieve much in these fields it will now look forward to growth, business and returns.

The total turnover of the bank for the past year was 12 per cent year-on-year.