J&K Bank

65% Profit Growth in Q3: Is J&K Bank Leading the Banking Revolution?

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J&K Bank’s operating profit for the December quarter of FY 2022-23 saw a 65% increase YoY, reaching Rs 544.11 crore. This significant jump in operating profit demonstrates the bank’s strong financial performance and may indicate a positive trend for the future. The bank’s management and CEO have attributed this growth to improving asset-quality, better SMA management and vigorous recoveries.

The bank’s shareholders and investors can take comfort in the bank’s ability to deliver strong operating profits even in a challenging market environment. It is a positive sign for the bank’s future growth prospects.

The bank’s strong financial performance, as demonstrated by the 65% increase in operating profit in Q3, can have a positive impact on the local economy. Improved performance of the bank can lead to increased lending, more job opportunities and greater economic stability in the region. This can be seen as good news for the people of Jammu and Kashmir as it can lead to more financial inclusion and improve access to credit for the citizens of the region. It is also a positive signal for the investors and shareholders of the bank.

Net Profit: J&K Bank reported a net profit of Rs 311.59 crore for the December quarter of FY 2022-23, a 79% increase YoY from Rs 173.95 crore in the same period last year.

Nine-months Results: The bank’s profit for nine-months is up 85% to Rs 721.05 Cr from Rs 389.36 Cr during the same period last year.

Net Interest Income: The bank’s Net Interest Income (NII) surged by 27% YoY to Rs 1257.38 Cr for the December quarter, and grew 19% YoY for nine-months to Rs 3495.73 Cr.

Operating Profit: The bank’s Operating Profit grew by 65% YoY to Rs 544.11 Cr for the December quarter, 2022.

Net Interest Margin: The bank’s NIM improved by 54 basis-points (bps) YoY to 4.10%, the highest in the last seven years.

Return on Assets: The bank’s Return on Assets rose to 0.92% for the December quarter from 0.57% recorded last year.

Yield on Advances: The bank’s Yield on Advances improved by 90 bps to 9.34%

Cost-to-income Ratio: The bank’s cost-to-income ratio has come down to 63.71% for the third quarter.

Asset Quality: The Gross NPA Ratio of the bank has come down 168 bps YoY and 42 bps QoQ to 7.25% for the quarter, while the Net NPA ratio has moderated YoY by 94 bps to 2.08%.

Provision Coverage Ratio: The bank’s Provision Coverage Ratio (PCR) stood at 84.83% for the quarter ended December, 2022.

Business Growth: The bank’s net advances are up 14% YoY and 4% QoQ to Rs 77639 Cr during the quarter reviewed while deposits have grown 8% to Rs 117935 Cr. The Bank witnessed 21% YoY growth in advances in its operational geographies across Rest-of-India (RoI).

CASA Ratio: The bank’s CASA Ratio continues to remain one of the industry best at about 54%.

Capital Cushion: With a tier-II capital augmentation of over Rs 1000 Cr, the bank’s Capital Adequacy Ratio rose to 13.82%.

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