J&K Bank Reports 26% Surge in Profit, Achieving Rs 531 Crore for Q3 FY2024-25
SRINAGAR, Jan 20: Jammu & Kashmir Bank has posted a remarkable 26.2% year-on-year growth in its net profit for the October-December quarter of FY2024-25, reaching Rs 531 crore, compared to Rs 421.08 crore during the same period in the previous year.
A spokesperson for the bank expressed confidence that the institution is well-positioned to meet its annual profitability targets. “With the continued strong performance, the Bank’s net profit for the first nine months of the current financial year has seen an impressive jump of 32.7% year-on-year, rising to Rs 1,497.92 crore, up from Rs 1,128.60 crore in the corresponding period last year. This reflects the bank’s sustained growth trajectory,” the spokesperson stated.
Amitava Chatterjee, Managing Director & CEO of Jammu & Kashmir Bank, shared insights into the bank’s strategic vision moving forward, emphasizing the focus on maintaining robust growth. “As we approach the final quarter of the current fiscal year, our goal is to accelerate growth while providing superior value to our stakeholders. We aim to strengthen customer engagement and enhance operational efficiency as part of our ongoing efforts,” said Chatterjee.
The MD & CEO further outlined the bank’s strategic priorities, including a sharpened focus on priority sector lending, especially towards agriculture and Micro, Small, and Medium Enterprises (MSMEs), while also looking to tap into emerging market opportunities across the country. “With a strong foundation and a clear roadmap, we are confident in our ability to build on this growth momentum and create long-term value for all stakeholders,” he added.
Key operational metrics for the quarter also demonstrated steady growth. The bank reported a 17.8% year-on-year increase in Net Interest Income (NII), which stood at Rs 1,508.68 crore for the quarter, while other income surged by 32.9% compared to the same period last year.
J&K Bank’s Net Interest Margin (NIM) improved to 4.04%, reflecting a 14 basis points increase from the previous quarter. The bank’s Return on Assets (RoA) rose by 19 basis points year-on-year, reaching 1.34% for the quarter. Additionally, the bank reported a notable improvement in its Cost-to-Income Ratio, which reduced to 57.28% from 62.36% a year ago.
In terms of asset quality, the bank’s Gross Non-Performing Assets (NPA) ratio decreased to 4.08%, a reduction of 76 basis points from 4.84% in the previous year. The Net NPA ratio stood at a healthy 0.94%.
Chatterjee underscored that these positive results highlight the bank’s strong operational foundation and its ability to effectively manage challenges while driving long-term growth and profitability.
