J&K Bank Reports 26.3% Rise In Net Profit at 531.5 Cr

Srinagar, Jan 20: Jammu and Kashmir Bank today reported a 26.3% year-on-year (YoY) rise in net profit at ₹531.5 crore for the third quarter that ended December 31, 2024. 

In the corresponding quarter of the previous fiscal, Jammu and Kashmir Bank posted a net profit of ₹421 crore

Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, was up 17.8%, coming at ₹1,508.6 crore against ₹1,280.5 crore in the corresponding quarter of FY24.

According to the reports the gross non-performing asset (NPA) stood at 4.08% in the 

December quarter against 3.95% in the September quarter. Net NPA came at 0.94% against 0.85% quarter-on-quarter. In monetary terms, gross NPA stood at ₹4,041 crore against ₹3,916.3 crore quarter-on-quarter, whereas net NPA came at ₹898 crore against ₹813.4 crore quarter-on-quarter.

This month, Jammu & Kashmir Bank reported an 8.56% year-on-year increase in total business for the third quarter, reaching ₹2.37 lakh crore. The bank’s total deposits grew by 9.65% year-on-year to ₹1.41 lakh crore, while gross advances rose 5.89% year-on-year to ₹99,134 crore.

CASA (current account savings account) deposits recorded a modest 4.39% year-on-year growth, amounting to ₹67,888 crore. However, the CASA ratio declined to 48.17%, compared to 50.59% a year earlier and 48.6% in the previous quarter. Gross investments saw a robust 26.97% year-on-year rise, totalling ₹41,394.3 crore.