J&K Bank net profit for 9 months up 33% YoY

 

  • J&K Bank records another stellar performance with net profit for Q3 up 26% YoY and for 9 months up 33% YoY
  • Well on its course to meet annual profitability target, the Bank’s net profit for the first nine months of current financial year has jumped 32.7% YoY to Rs 1497.92 Cr, compared to Rs 1128.60 Cr recorded for the same period last year, reflecting its sustained growth trajectory  
  • Despite financial services sector witnessing heavy FPI outflow during 2024, there is an increase in FII/FPI shareholding to 7.07% as on 31st December, 2024 from 5.81% recorded a year ago  
  • The Bank recorded significant growth in business volumes with Net Advances increasing by 7% YoY to Rs 95990.38 Cr. 
  • Deposits grew by 9.7 % YoY to Rs 140947.14 Cr, while maintaining one of the best CASA ratios in the industry at 48.17%.  
  • The Bank’s Gross NPA ratio declined YoY to 4.08%, down by 76 basis points (bps) from 4.84%, while as the Net NPA stood at 0.94%. 
  • The Provision Coverage Ratio (PCR) for the quarter was at 89.67%  
  • Net Interest Margin (NIM) for the quarter has improved to 4.04%, up 14 bps QoQ. 
  • Return on Assets (RoA) increased by 19 bps YoY to 1.34% for the quarter
  • Cost-to-Income Ratio reduced for the quarter to 57.28% YoY from 62.36%  
  • The Bank’s Capital Adequacy Ratio (CAR) under Basel III improved to 15.09 % from 14.18% last year  

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