SRINAGAR, January 20: On Monday, Jammu & Kashmir Bank announced a 26.2% increase in net profit, reaching Rs 531 crore for the October-December quarter of FY2024-25, compared to Rs 421.08 crore during the same period last year.
A bank representative stated that the institution is on track to achieve its annual profitability goals.
“The Bank’s net profit for the first nine months of this financial year soared by 32.7% YoY to Rs 1,497.92 crore, up from Rs 1,128.60 crore in the corresponding period last year, indicating its ongoing growth trajectory,” he further explained.
MD & CEO Amitava Chatterjee discussed the bank’s future strategies, emphasizing the goal of continuing to enhance growth.
“As we enter the final quarter of the fiscal year, our objective is to amplify our growth while providing superior value to stakeholders through effective customer engagement and improved operational efficiency.
“We aim to boost our emphasis on priority sector lending, especially in agriculture and MSMEs, and explore growth prospects in emerging markets across the nation. With a solid foundation and clear strategic direction, we are well-equipped to elevate our growth momentum and provide long-term value to all stakeholders,” he elaborated.
According to the spokesman, the Bank’s operational indicators reflect steady growth, with a Net Interest Income (NII) increase of 17.8% YoY and 5.1% QoQ, amounting to Rs 1,508.68 crore. There was also a 32.9% YoY rise in other income for the quarter.
The Net Interest Margin (NIM) for the quarter rose to 4.04%, climbing 14 basis points quarter on quarter. Return on Assets (RoA) improved by 19 bps YoY to 1.34% for the quarter, while the Cost-to-Income Ratio decreased to 57.28% YoY from 62.36% for the quarter.
The Bank’s Gross NPA ratio fell YoY to 4.08%, down 76 basis points from 4.84%, with the Net NPA at 0.94%.
Chatterjee remarked that the Q3 results underscore the bank’s strong fundamentals and operational efficiency. (Agencies)
