In the last financial year, the bank's deposit base grew by 34.46 per cent to touch Rs 4,882.46 crore, compared with Rs 3,658.14 crore at the end of 1996-97, bank chairman MY Khan told newspersons here today.

The credit portfolio grew by 27.41 per cent and stood at Rs 2,158.24 crore as against Rs 1,693.98 crore last year. Non-performing assets (NPAs) also came down to 4.57 per cent from the 6.02 per cent last year, he said.

It achieved a capital adequacy ratio level of 20.48 per cent in 1997-98, he said, adding such a provision is one of the highest in the industry and far ahead of the 8 per cent prescribed by Reserve Bank of India.

The bank is also stepping up lending to corporates and broadening its investment portfolio, Khan said.

The J&K Bank went public in May this year and the public portion was oversubscribed by over 200 per cent, he said.

It opened sixbranches, besides upgrading two extension counters, taking the total tally of branches to 370.