Business

J&K Bank Q1 Profit Soars 27% to Rs 415 Cr

Jul 27, 2024 1 min read

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Jammu and Kashmir Bank (J&K Bank) has reported a 27% increase in net profit for the first quarter of the fiscal year 2024-25, reaching Rs 415 crore compared to Rs 326 crore in the same period last year. The bank's total income for the April-June quarter rose to Rs 3,188 crore from Rs 2,885 crore, with interest income increasing to Rs 2,994 crore from Rs 2,657 crore. Net Interest Income (NII) saw a 7% growth year-on-year to Rs 1,369 crore, while the Net Interest Margin (NIM) improved by 9 basis points quarter-on-quarter to 3.86% from 3.77% in Q4 of 2023-24.

The bank also reported a decrease in gross Non-Performing Assets (NPAs), which fell to 3.91% of gross advances by June 2024 from 5.77% in the same period the previous year. The net NPA also declined to 0.76% from 1.39%. The Return on Assets (RoA) for the June quarter stood at 1.08%, up from 0.94% during the Q1 of the last financial year. Additionally, the capital adequacy ratio improved to 15.07% at the end of June, compared to 14.83% in the year-ago period. Despite some pressure on margins and a temporary dip in the CASA ratio, the bank's core operating profit increased by 13% year-on-year to Rs 594.67 crore, reflecting strong business performance and resilience.

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