Jammu and Kashmir Bank has announced its highest-ever annual profit for the fiscal year 2023-24, reaching Rs 1,767 crore. This represents a significant surge of 48 percent compared to the previous year. The bank’s Managing Director and CEO, Baldev Prakash, stated that this achievement surpasses the previous record set just last year.
Record Profit Sharing and Increased Total Income
In light of the historic profits, Jammu and Kashmir Bank plans to share its success by making its highest dividend payment ever, amounting to approximately Rs 236.75 crore. The bank’s total income also witnessed growth, increasing by 10 percent to reach Rs 6,029.17 crore, up from Rs 5,502.09 crore in the previous fiscal year.
Improved Asset Quality and Risk Mitigation
Jammu and Kashmir Bank has made significant strides in improving its asset quality. It has successfully reduced its gross non-performing assets (NPA) to a decade-low of 4.08 percent, while the net non-performing assets have been brought down to 0.79 percent. Additionally, the bank maintains a provision coverage ratio (PCR) of 91.58 percent, demonstrating its commitment to prudential provisioning and risk mitigation.
Strong Business Growth
The bank has experienced noteworthy growth in its business operations. Total deposits have risen by 10.44 percent year-on-year, reaching Rs 1,34,774.89 crore as of March 31, 2024, compared to Rs 1,22,037.74 crore recorded the previous year. Furthermore, net advances have increased by 14 percent in Q4 of FY2023-24, reaching Rs 93,762.51 crore, compared to Rs 82,285.45 crore in the previous year.
- Click here to Download – Financial Results – March, 2024
- Click here to Download – Financial Results – December, 2023
- Click here to Download – Financial Results – September, 2023
- Click here to Download – Financial Results – June, 2023
