J&K profit rises 27 pc to Rs 415 cr in Apr-Jun quarter

J&K Bank has reported a 27% rise in net profit to Rs 415 crore in the April-June quarter of 2024-25, compared to the same period last year.

The bank’s total income increased to Rs 3,188 crore, up from Rs 2,885 crore in the previous year. Interest income also rose to Rs 2,994 crore, from Rs 2,657 crore.

The bank’s net interest income (NII) grew by 7% to Rs 1,369 crore, while gross Non-Performing Assets (NPAs) declined to 3.91% of gross advances, down from 5.77% last year.

The net NPA also declined to 0.76%, down from 1.39% in the same period last year. The capital adequacy ratio improved to 15.07%, up from 14.83% last year.

The bank’s MD and CEO stated that the improved bottom line reflects the resilience and strength of the bank, with notable improvements in key financial metrics.

Advances grew over 13% year-on-year to Rs 95449.77 crore, while deposits increased by 9% to Rs 1,32,573.13 crore. The CASA Ratio stood at 49.77% during the quarter.

The MD and CEO expressed confidence in maintaining a CASA Ratio above 50% annually and foresees growth in business driven by the developmental drive in J&K.

The bank aims to become 100% digital by the end of the current financial year, with plans to digitally onboard remaining products and become a bank for all generations.