Srinagar, May 04: Jammu and Kashmir Bank has once again shattered records, reporting a net profit of Rs 1767 Cr for the fiscal 2023-24, marking an impressive 48% increase over the previous year’s high of Rs. 1197 Crore. This milestone was unveiled alongside the announcement of the bank’s highest-ever dividend payment, a testament to its commitment to rewarding its shareholders. Baldev Prakash, MD & CEO of the bank, expressed pride in the achievement, attributing it to the institution’s dedication to excellence and prudent financial management.
The bank’s quarterly performance for Q4FY23-24 also saw a remarkable surge, with a 34% increase in net profit to Rs 638.67 Cr compared to the previous fiscal year. This quarterly profit stands as a historic high, underscoring the bank’s consistent growth trajectory.
Performance Highlights:
The bank’s notable metrics include a 3.92% net interest margin (NIM), over 15% capital adequacy ratio (CAR), and impressive asset quality with gross and net NPAs at around 4% and below 1%, respectively. These results reflect the institution’s robust financial soundness and resilience.
Total revenue crossed the Rs 12000 Cr mark, with the net interest margin (NIM) standing at 3.92%. The bank’s Yield on Advances rose annually to 9.54%, while the Return on Assets (RoA) reached healthy levels at 1.22%.
Baldev Prakash emphasized the bank’s commitment to ethical business practices and corporate governance standards, crediting these principles for its stupendous success.
Business Growth:
J&K Bank’s total deposits rose by 10.44% YoY to Rs 134774.89 Cr, and net advances increased by 14% YoY to Rs 93762.51 Cr in Q4FY24. The bank’s CASA Ratio remained strong at 50.51%, showcasing its market leadership and robust growth trajectory.
Asset Quality:
The bank strengthened its asset quality, with gross NPA (GNPA) reduced to 4.08% and net NPA below 1% at 0.79%. Baldev Prakash highlighted the bank’s methodical approach to risk management and prudential provisioning.
Capital Adequacy:
With a Capital Adequacy Ratio at 15.33% as of March 2024, the bank ensures adequate capital availability to support its business growth while maintaining regulatory compliance.
Transformative Projects:
J&K Bank’s transformative projects focus on enhancing digital initiatives and ensuring uninterrupted services. The bank has invested in HR initiatives and CSR programs, contributing to sustainability and socio-economic development.
As the bank celebrates this remarkable milestone, Baldev Prakash extends gratitude to stakeholders and communities, affirming the commitment to growth, innovation, and sustainable value creation.
J&K Bank’s Annual Net Surges 48% to Reach Record Profit of Rs 1767 Cr
