J&K Bank’s annual net soars 48% to reach its highest ever profit of Rs 1767 Cr

In yet another record-breaking performance, J&K Bank has posted a net profit of Rs1767 Cr for the fiscal 2023-24 – a remarkable improvement of 48% over the previous high of Rs. 1197 Crore achieved last year.

The Bank declared its annual and Q4 results after its Board of Directors approved the numbers in a meeting held here at the Bank’s Corporate Headquarters. On the occasion, the Board of Directors of the Bank also recommended a handsome final dividend of Rs. 2.15 per share of Face Value Re 1.00 for its shareholders.

The Bank’s net profit for the Q4FY23-24 also rose by 34% to Rs 638.67 Cr when compared to Rs 476.33 Cr recorded last financial year. This also is a historic high for quarterly profits. Performance Highlights: Beating its previous highest-ever profit of Rs. 1197 Crore achieved only last year, the Bank’s net profit surged by 48% to record a new high of Rs 1767 Cr. In line with its promise of meeting annual guidance, the Bank’s notable metrics include 3.92% net interest margin (NIM), over 15% capital adequacy ratio (CAR), around 4% gross NPA, and below 1% net NPA – a reflection of strong operating results reinforcing further financial soundness and resilience to the balance-sheet.

Read Also : Minister Pralhad Joshi Flags Off 10 Battery-Operated Vehicles at Jagannath Temple

The bank's total revenue has increased by 19% to exceed the Rs 12000 crore mark. The net interest margin (NIM) stands at 3.92%. The bank's yield on advances has risen annually to 9.54% from 8.91%, and the return on assets (ROA) has reached a healthy level of 1.22%. This is a significant milestone as the bank has crossed the 1% barrier after a decade, compared to the 0.89% recorded in the last fiscal year.

J&K Bank's total deposits rose 10.44 % YoY to Rs 134774.89 Cr as of March 31, 2024, from Rs 122037.74 Cr recorded a year ago, while the Net Advances of the Bank stood at Rs 93762.51 Cr in Q4FY24 rising 14 % YoY from Rs 82285.45 Cr in Q4FY23.

Read Also : THDC Director (Finance) conferred with Visionary CFO of India Award

On a sequential basis (QoQ), deposits grew by 5% and advances increased by 4.5%. Meanwhile, the Bank’s CASA Ratio at 50.51% as of March 31, 2024, despite industry-wide pressures on the liability side, is among the best in the industry.

Strengthening its asset quality further, the Bank has brought down the Gross NPA (GNPA) to 4.08 %, while the net NPA is below 1 percent at 0.79%.

Read Also : THDC India Limited Organizes Awareness Campaign as Part of Vigilance Awareness Week