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Jammu and Kashmir Bank Results: Latest Quarterly Results & Analysis

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Jammu & Kashmir Bank Ltd. 20 Oct 2025 15:00 PM
Result PDF

Q2FY26 Quarterly Result Announced for Jammu & Kashmir Bank Ltd.

Jammu & Kashmir Bank announced Q2FY26 results

Q2FY26 Financial Highlights:

  • During the quarter, the Bank’s Gross NPA Ratio has declined 18 basis-points QoQ to 3.32% and decreased by 63 bps YoY from 3.95% recorded in September, 2024.
  • The Net NPA ratio has also moderated by 9 bps YoY to 0.76% from 0.85%, while declining 6 bps from 0.82% recorded for Q1.
  • Provision Coverage Ratio (PCR) of the Bank continued at above 90% level, while the Return on Assets (RoA) stood at 1.17% for the half-year.
  • During the quarter, the Bank’s deposits witnessed growth of 10.23% YoY basis reaching Rs 1,5,2030 crore, while as the net advances increased by 9.38% YoY to Rs 105153 crore from Rs 96,139 crore recorded last year. Up by 18 bps in sequential terms from 45.71% recorded in Q1.
  • Bank’s CASA stood at 45.89% for the Q2 and continues to be one of the highest in the industry.
  • The Bank’s Capital Adequacy Ratio (CAR) for Q2 stood at 15.27% as against 14.99% recorded last FY.

MD & CEO Amitava Chatterjee said, “In spite of widespread disruptions during the first quarter following the Pahalgam incident and the extensive damage caused by floods in the second quarter, the overall growth we have recorded is both encouraging and reassuring.”

“Even though profitability for Q2 was moderated due to an additional impairment provision of Rs 92 crore made during the quarter in compliance with regulatory requirements, the performance is better than what was anticipated under the challenging circumstances.”.

“With GNPA around 3.30% half-way through the year, I think on asset quality front, our progress is steady. And with our robust and focused risk-management practices in place, I remain optimistic about meeting our annual guidance of below 3% GNPA by the financial year-end. Besides, our PCR is also healthy at 90.39%.”

“Marking a nearly 10% YoY growth in business numbers reaching Rs 2.57 Lac crore, our Q2 performance demonstrates the Bank’s operational discipline.”

“Our deposit growth is at par with the industry average, while advances primarily driven by Agri/corporate segments have shown good credit growth both in sequential and YoY terms. Our CASA ratio also exhibited a slight uptick to 45.89% on sequential basis, underscoring our commitment to sustained, quality growth”, he added.

He further said, “Despite tough challenges, this steady performance in the first half of the financial year affirms my confidence that we are very much on track to achieve our annual guidance growth numbers.”

Result PDF

Result PDF

Jammu & Kashmir Bank announced Q1FY26 results

  • Net Interest Income (NII) for the quarter grew 7% YoY to Rs 1,465.43 crore, while the other income jumped 29% to Rs 250.30 crore from Rs 194.10 crore recorded last year.
  • Return on Assets (RoA) for the quarter improved to 1.17% YoY from 1.08%, while as Net Interest Margin (NIM) for the quarter stood at 3.72% as against 3.86% recorded in Q4FY2025.
  • Bank’s Cost to income Ratio also improved to 60.78% YoY.
  • Operating profit witnessed a 13% YoY increase to Rs 672.84 crore from Rs 594.67 crore recorded for the corresponding period last year.
  • Jammu & Kashmir Bank today posted a profit after tax (PAT) of Rs 484.84 crore for the April–June quarter of the current financial year (CFY), registering a 16.7% year on year (YoY) growth from Rs 415.49 crore reported in the same period last year.
  • The Bank’s deposits rose 12% YoY to Rs 1,48,542 crore from Rs 1,32,574 crore recorded in Q1 last FY, while the net Advances grew 6.06% YoY reaching Rs 1,01,230 crore as against Rs 95,450 crore. The Bank’s CASA ratio stood at 45.71% as on June 30, 2025.

MD & CEO Amitava Chatterjee said, "Despite tough situation on ground due to the Pahalgam terror attack along with its aftermath that affected business activity and credit offtake in key geographies well into June; we have been able to deliver a healthy bottom line growth of around 17%.”

“The sudden decline in NIM should be viewed against the broader environment wherein repo rate cuts announced by the regulator impacted the margins”, he added.

“Pertinently, the profitability for Q1 is subdued on account of impairment provision of Rs 87 crore made in this quarter towards our investment in the RRB - Jammu and Kashmir Grameen Bank, necessitated by amalgamation of Ellaquai Dehati Bank with erstwhile J&K Grameen Bank w.e.f. 30th April 2025. Excluding this non-recurring impact, our profitability growth would be upwards of 30% YoY. This one time provision has also impacted our ROA and ROE, however on a normalised basis both metrics remain broadly in line with our expectation”, he added.

“Having said that, we remain fundamentally strong, with adequate capital and liquidity buffers, and are already seeing signs of accelerating credit off-take on ground. With improving conditions on the ground, we are sure to gain growth momentum in the coming quarters”, asserted MD & CEO.

MD & CEO further remarked, "Regarding business growth, we are confident in our long term strategy as we are actively diversifying and scaling up our Rest of India operations by opening more branches in strategic business centres, entering builder tie ups, and strengthening partnerships with DSAs.”

“Going forward, our focus will also remain deepening relationships in core geographies through sufficient lending to agriculture, industry and youth entrepreneurship; and investing further in digital capabilities and operational efficiency."

Result PDF

Jammu & Kashmir Bank announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • The Bank’s net profit for Q4FY25 stood at Rs 584.54 crore, up 10% QoQ from Rs 531.51 crore recorded during the Q3FY25.
  • During the quarter, the Bank’s Return on Assets (RoA) reached healthy levels to 1.44% QoQ as against 1.34% recorded during the Q3FY25.

FY25 Financial Highlights:

  • J&K Bank has posted its highest-ever annual net profit of Rs 2,082.46 crore for the FY25, marking a hattrick of highestever profits since FY23.
  • The Bank registered a year-on-year growth of over 17.83% compared to Rs 1,767.27 crore reported for FY24.
  • With its other income crossing Rs 1,000 crore mark at Rs 1136.81 crore and up YoY by 37.7%, the Bank’s Net Interest Income (NII) grew 11.34 % YoY to Rs 5,793.82 crore while the net interest margin (NIM) stood at 3.92%.
  • The Bank’s operating profit also rose 28.7% and stood at Rs 2,929.79 crore.
  • J&K Bank’s total deposits increased by 10.24% YoY to Rs 1,48,569.46 crore as on March 31, 2025, compared to Rs 1,34,774.89 crore last year, grew by 5.4%.
  • Net Advances rose to Rs 1,04,198.72 crore, registering a growth of 11.13% from Rs 93,762.51 crore a year ago, grew by 8.6%.
  • The Bank’s CASA Ratio stood at 47.01%, maintaining a healthy share of low-cost deposits in the overall mix.
  • Asset Quality: Reinforcing its commitment to credit discipline and risk management, the Bank’s Gross NPA ratio declined sharply by 71 bps to 3.37% from 4.08% recorded a year ago, while the Net NPA ratio stood at 0.79%.
  • The Provision Coverage Ratio (PCR) remains strong at over 90%, underscoring the Bank’s focus on prudential provisioning.
  • Capital Adequacy: The Bank’s CAR stood at 16.29% as on March 31, 2025, providing ample cushion for future growth and investments in digital and operational capabilities.

Amitava Chatterjee, MD & CEO, J&K bank, said: “We are delighted to present yet another record-breaking performance with our all-time high net profit of Rs 2082 crore, while maintaining NIM at 3.92% despite industry wise pressure on margins owing to the rising cost of deposits. Achieving a hattrick of historic profits over the past three years is a reflection of the trust our customers place in us, the dedication of our staff, and the strategic direction laid out by the leadership team.”

“With our core fortified and transformation underway, we are prepared to scale up growth operations in high-potential geographies and deepening our presence in core markets, especially in J&K and Ladakh. Going forward, we aim to maintain this growth momentum with increased emphasis on retail, MSME, and agriculture lending – while accelerating our digital transformation to further enhance customer experience.”

“Adorned with a milestone of advances crossing Rs 1 Lakh crore mark, the Bank’s business performance reflects resilience and adaptability. Despite competitive pressures, the Bank has managed to maintain a CASA ratio of 47% – which continues to be among the best in the industry. This, coupled with a double-digit growth in advances and deposits, signifies the growing trust and deep-rooted relationships we enjoy across our customer base in the country.”

“With our planned expansion in high-growth markets, we are well-positioned to capture emerging opportunities in the current financial year.”

“Our continued improvement in asset quality is reflective of process excellence in credit appraisal, focused monitoring and sectoral diversification. We have not only met but improved upon our annual guidance on asset quality. This reaffirms our goal of building a resilient, future-ready bank,”

“Our digital transformation is not just about efficiency but about reimagining customer experience.”

“Our ESG focus includes green banking, sustainable lending and internal reforms to reduce carbon footprint – all integral to our larger purpose of responsible growth.”

“Our HR strategy revolves around talent transformation. By reskilling and upskilling staff, we are creating a future-ready workforce aligned with evolving business and organisational needs of the Bank,”

“During the year, we undertook a diverse range of impactful CSR initiatives across key sectors such as healthcare, environmental sustainability, education, and skill development. With a total financial outlay of over Rs 31 crore, these interventions reflect the Bank’s continued commitment to inclusive and sustainable development across the region. With improved profitability, we aim to enhance our contributions toward the overall social good during the current financial year.”

“We are proud to be an institution of systemic importance for economic transformation in our core geographies. We reaffirm our purpose everyday by supporting businesses led by young, energetic entrepreneurs and promoting inclusive growth.”

“On behalf of the entire leadership team, I extend heartfelt thanks to our customers, all shareholders especially our promoters, members on our board, our employees and regulators for their continued support and trust.”

Result PDF

Jammu & Kashmir Bank announced Q2FY25 results

  • Net profit rose substantially by 44.6 % YoY to Rs 550.92 crore for the September Quarter (Q2) of current financial year (CFY) when compared to Rs 381.07 crore recorded for the corresponding quarter of previous year.
  • The Bank’s net profit for half-year (H1) grew 36.6% to Rs 966.41 crore from Rs 707.52 crore recorded for H1 last FY.
  • Backed by both core and non-core income growth, the Bank’s operating profit for Q2 rose more than 47% YoY and 32% QoQ to Rs 787 crore. The Bank’s Net Interest Income (NII) is up by 7.7 % YoY to Rs 1435.93 crore for the September quarter from Rs 1,333.83 crore and has increased by 7.2 % to Rs 2,805.15 crore for the H1 when compared to corresponding periods of previous year. The Bank’s other income surged 55.6% YoY to Rs 296.08 crore for the September quarter.
  • The Bank’s NIM improved to 3.90% QoQ from 3.86% recorded for the Q1 of CFY, while as the Cost to Income Ratio has improved significantly to 54.56% YoY from 64.93% and in sequential terms from 61.96% recorded in June quarter, 2024.
  • Asset Quality:
    • The Bank’s Gross NPA Ratio has decreased by 131 basis-points YoY to 3.95% as against 5.26% recorded in September, 2023. The Net NPA ratio has also moderated by 19 basis-points to 0.85% YoY from 1.04%. Meanwhile, during the quarter the Return on Assets (RoA) has jumped to 1.41% YoY as well as QoQ as against 1.08%. Provision Coverage Ratio (PCR) of the Bank has also improved 55 basis-points YoY to 90.54%.
  • Business Growth:
    • Deposits and Advances of the Bank have grown YoY 9% and 9.5% respectively to Rs 1,37,918 crore and Rs 96,139 crore. The Bank’s CASA stood at 48.60%, which continues to be one of the highest in the industry.

Baldev Prakash, MD & CEO, Jammu & Kashmir Bank, said: “Our Q2 results are almost in line with our expectations. The bottom-line growth underscores our financial prudence and operational excellence while reflecting our commitment to deliver consistent value for our stakeholders as we stay steady on course to achieve the annual numbers.”

“I believe, with a healthy balance sheet, a diversified portfolio and consistent focus on digital transformation, we are well-positioned to maintain this growth momentum and capitalize on emerging opportunities”.

“Keeping our gross NPA below 4% highlights the success of our robust risk management practices. We have been focusing on proactive asset-quality management and ensuring long-term sustainability in lending. Another highlight of this quarter is RoA, which has surged to 1.41%.”

“With continued improvement in key performance indicators, the Bank is reinforcing its position as a leading financial institution focused on profitability and sound asset management”.

“Since our role as a developmental financial institution here is not just to provide credit, we have to take care that businesses are equipped with the tools they need to manage growth sustainably. Therefore, by carrying forward our digital momentum, we are also revolutionizing the way our customers experience banking, making it more convenient, swift, secure and efficient for them with every passing day.”

“Moreover, by embracing cutting-edge technology, we have embarked upon a digital journey that enables our customers to manage their finances online and with ease, from account opening and transactions to applying for a range of our loan products. Going forward, we have devised a comprehensive road-map to help businesses particularly MSMEs get equipped with beneficial, convenient and efficient management solutions, through collaborative banking with our fintech partners, so that these enterprises sustain growth and enjoy prosperity”.

Result PDF

Jammu & Kashmir Bank announced Q1FY25 results:

  • The Bank’s Net interest income (NII) grew by 7% YoY to Rs 1,369.22 crore in the first quarter of current financial year, while as, the Net Interest Margin (NIM) has improved by 9 basis points QoQ to 3.86% from 3.77% registered in Q4FY24.
  • Core operating profit of the Bank witnessed an increase of 13% YoY and reached Rs 594.67 crore from Rs 528.05 crore. The Bank’s Return on Assets (RoA) for the June quarter stood at 1.08% as against 0.94% recorded during the Q1 of the last financial year.
  • Advances of the bank grew over 13% YoY and stood at Rs 95,449.77 crore as against Rs 84,475.63 crore in the corresponding quarter a year ago.
  • The deposits also increased by 9% to Rs 1,32,573.13 crore from Rs 1,21,297.49 crore recorded last year. During the quarter, the Bank’s CASA Ratio stood at 49.77%.
  • In sequential terms, the Bank's gross non-performing assets (GNPA) have reduced by 17 basis points to 3.91% from 4.08% registered in March quarter of FY 2023-24.
  • The net NPA for the Q1 has also improved further to 0.76% QoQ as against 0.79% recorded during Q4 of previous financial year. NPA Coverage Ratio for Q1 stood at 91.57% when compared to 87.55% recorded for the Q1 last year.
  • During the quarter, the Bank’s Capital Adequacy Ratio (BASEL III) has improved to 15.07% as against 14.83% recorded last year.

Commenting upon the results, MD & CEO of J&K Bank, said, “With improved bottom line, our performance in the first quarter reflects the resilience and strength of the Bank. The key financial metrics have shown notable improvements, reflecting healthy progress. And with our Return on Assets above 1%, we have also maintained the NIM in the upper band of our market guidance, i.e. near 4 percent at 3.86% despite pressure on margins.”

Commenting on the business growth, MD said, “There is a healthy growth in our advances and deposits, demonstrating the trust and loyalty of our customer base especially in our core operational geography.” He further said, “However, on account of the increased outflows of Govt. funds witnessed usually during our first quarter, there is a temporary dip in CASA ratio this time but we are confident to maintain it above 50% annually. And we have already sharpened our focus to augment our strong liability franchise.” “We also foresee growth in business, coming from the developmental drive of massive infrastructure being put into place to meet the growing requirements of the increasing tourist inflow into J&K.", he added.

Regarding asset quality, the MD & CEO asserted, “We have brought our GNPA to below 4% this quarter and trend will continue to be healthy in our asset quality, which continues to be our star metric”, adding “Besides, as per our market guidance, we have maintained our NPA Coverage Ratio above 90% level at 91.57%”, he added.

MD & CEO also spoke about the steady transformation of the Bank, “In terms of operational excellence, we are steadily emerging as a lean, agile and digitally driven financial institution.”

“During the last many quarters, we have transformed the digital interface of the Bank and are on track to accomplish the goal of becoming 100 percent digital not only in our services framework but also in our internal work processes. By the end of current financial year, we are planning to digitally on-board our remaining products, thereby, opening up infinite possibilities for online journeys within the country's banking sector. The strategic objective is to become 'Bank for all generations’.”

“Our commitment to innovation and customer-centric growth shall continue while delivering value to our customers, stakeholders and maintaining the Bank’s position as the leading financial institution in the region and the country”, the MD said.

On capital position of the Bank, the MD & CEO remarked, “With CRAR at above 15% level, I think we are adequately capitalized to fund our future growth plans.”

Result PDF

Jammu & Kashmir Bank announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  •     Net profit for Q4FY24 at Rs 638.67 crore, a 34% increase over the previous financial year.
  •     Total deposits rose 10.44% YoY to Rs 1,34,774.89 crore.
  •     Net Advances of the Bank stood at Rs 93,762.51 crore in Q4FY24, rising up 14% YoY.
  •     Deposits grew by 5% sequentially (QoQ).
  •     Advances increased by 4.5% sequentially (QoQ).
  •     CASA Ratio at 50.51% as of March 31, 2024.

FY24 Financial Highlights:

  •     Net profit for FY24 at Rs 1,767 crore, a remarkable improvement of 48% over the previous high.
  •     Total revenue grew by 19% to cross the Rs 12,000 crore mark. 
  •     Net interest margin (NIM) stood at 3.92%.
  •     Yield on Advances rose annually to 9.54% from 8.91%.
  •     Return on Assets (RoA) reached quite healthy levels at 1.22%.
  •     Gross NPA (GNPA) brought down to 4.08%.
  •     Net NPA below 1% at 0.79%.
  •     Capital Adequacy Ratio at 15.33% as on March, 2024.
  •     Board of Directors recommended a final dividend of Rs 2.15 per share.

Bank’s MD & CEO Baldev Prakash said, "We are thrilled to report such stellar annual numbers, which reflect our unwavering commitment to excellence and prudent financial management. Our record-breaking annual profit and impressive financial metrics reflects the changing culture of the Bank where delivering streak of new records period after period is becoming a habit also underscores the Bank’s resilience and strategic prowess in navigating dynamic market conditions. More so, it reflects the dedication of our staff, the unwavering trust of our customers, and the continued support of our major shareholders i.e. UT Government.”

“Recommendation of a handsome dividend of Rs 2.15 per share of face value Re 1.00 for FY24 by the Board of Directors, is an acknowledgement of the trust and support of our shareholders and we are keen to share the rewards with our valuable shareholders. The success is the outcome of establishing synergies between the core elements of personnel, processes and technology; wherein capabilities have been fortified through planned transformation and change management", he said adding further, “Now with laid-out platform, enhanced capabilities and strengthened core, we are ready to scale newer heights while embracing the dynamically evolving industry practices.” 

He further stated, “Such stupendous success has been achieved while following principles of ethical business practices and maintaining highest standards of corporate governance.”

MD further stated, "Our strong asset quality metrics underscore our methodical approach to risk management and our unwavering focus on maintaining a healthy balance sheet. While exceeding our annual guidance, these results validate our efforts to build a resilient and sustainable banking franchise. With a Provision Coverage Ratio (PCR) at 91.58%, J&K Bank continues to demonstrate its commitment to prudential provisioning and risk mitigation.”

"Internally, our ESG efforts have led to the implementation of e-office across the organization, drastically reducing paper usage. However, remaining cognizant of environmental concerns, we continue to engage in sensible lending practices contributing to sustainability and enhanced operational efficiency."

On upgrading Bank’s Human Resource, he asserted, “We continue to invest in our workforce through HR initiatives focused on re-skilling and up-skilling, creating change champions prepared to meet future challenges. An online learning system titled e-Pathshala has been established, integrating knowledge acquisition into the career progression journeys of employees, thereby incentivizing personal and professional growth – an overall strengthening of employee value proposition the Bank offers to its existing and prospective staff members.”

Commenting briefly upon the Bank’s CSR Program, MD said, “The Bank also contributes to the overall social good through its Corporate Social Responsibility (CSR) programs. With an annual spend of around Rs 19 crore under our CSR programs during FY 2023-24, we have supported initiatives aimed at empowering marginalized communities, promoting eco-friendly measures, and providing assistance to persons with disabilities besides supporting programs focussed on skill development of youth. And on the back of improved profitability, such initiatives are bound to witness a further boost owing to the enhanced budgetary allocations.”

"As we celebrate this remarkable milestone, I would like to extend my heartfelt gratitude to our stakeholders and the communities we serve. Together, we will continue to grow, innovate and create sustainable value for all our stakeholders", he concluded.

Result PDF

Jammu & Kashmir Bank announced Q3FY24 & 9MFY24 results:

Financial Performance:
- J&K Bank's net profit increased by 35% YoY, reaching Rs 421.08 crore for the quarter ended December 31, 2023.
- For the nine months leading up to this period, net profit jumped by 57% to Rs 1,128.60 crore.
- The net interest income (NII) for the nine months grew by 11% YoY to Rs 3,897.57 crore.
- Quarterly NII rose by 2% YoY to Rs 1,280.44 crore.
- Operating profit for the quarter was reported at Rs 550.54 crore.

Asset Quality:
- Gross NPA Ratio decreased by 241 basis points YoY to 4.84%.
- Net NPA ratio significantly reduced by 125 basis points YoY and stands below 1% at 0.83%.
- Provision coverage ratio improved by 678 basis points annually to 91.61%.

Operational Metrics:
- Net Advances increased by 16% YoY to Rs 89,752.36 crore.
- Deposits saw a 9% growth YoY, reaching Rs 1,28,542.47 crore.
- Overall business grew by 11.61% to Rs 2,18,650 crore.
- The cost-to-income ratio dropped further to 62.36%.

Capital Adequacy:
- The Capital Adequacy Ratio (BASEL III) reached 14.18%.
- Net worth has surpassed Rs 10,000 crore for the first time, currently above Rs 11,000 crore.

Commenting upon the Bank’s asset quality, MD & CEO said, “Asset quality continues to be our star metric and the numbers are fast converging towards the best in the industry. Backed purely by steady recoveries coupled with lower-to-negligible slippages, our GNPA has further reduced and we remain on track to meet our annual market guidance of GNPA around 4.5% while our net NPA is already below 1%. In terms of provisioning too we are very comfortably placed at PCR of above 90% after a very long time.”

In his remarks on operating numbers, MD & CEO Baldev Prakash said, “We have continued our growth momentum by delivering another set of quarterly numbers reflecting progress in bottom line parameters. I am confident that we are well on course to meet our annual growth guidelines.”

“Our bottom line got the boost with major recoveries contributing to provision write-backs despite making additional provisions for NPAs at higher than RBI prescribed rates resulting in negative credit costs for the Quarter/9-month period”, he added.

Commenting on growth numbers, MD & CEO said, “Driven by the robust retail growth especially in Housing (21%), SME (21% and mostly driven by services) and credit Card (24%), the Bank’s loan book has gone up 16%. And led by Housing (24%) and Car finance (36%), our Rest-of-India advances portfolio has also grown by 19% quite in line with our ROI focus during the December quarter.”

“Our deposits witnessed a 9% growth YoY against the industry average of 13% while maintaining the industry-best CASA Ratio at above 50%”, he added.

Regarding the capital position, MD & CEO Baldev Prakash stated, “The recent successful QIP - with an aggregate value of Rs 750 crore has sufficiently strengthened our capital position while boosting our perception in the market because of the unprecedented and swift response from the market. We will use this CET1 capital of Rs 750 crore as growth capital to augment our capacity to fund our business plans.”

“With the QIP, our net worth has crossed Rs 10,000 crore for the first time and is currently above Rs 11,000 crore”, MD & CEO added.

 

Result PDF

Jammu & Kashmir Bank Ltd announced Q2FY24 results:

1. Financial Performance:
- J&K Bank's net profit increased by 56.5% YoY to Rs 381.07 Cr in Q2 of CFY.
- The net profit for H1 jumped by 73% to Rs 707.52 Cr.
- Net Interest Income (NII) rose by 11% YoY to Rs 1,333.83 Cr for the September quarter.
- Operating profit rose by 23% YoY for the reviewed half-year of CFY.
- Return on Assets improved significantly to 1.08% from 0.71% last year.
- Other income witnessed an increase of 31% YoY to Rs 190.31 Cr for the September quarter.

2. Asset Quality:
- Gross NPA ratio reduced by 51 basis-points QoQ to 5.26% and YoY by 241 basis-points to 7.67%.
- Net NPA ratio moderated by over 35 basis-points in sequential terms to 1.04%.
- Provision Coverage Ratio (PCR) improved by 441 basis-points to 89.99%.
- The bank's asset-quality has vastly improved during the last two years with low slippage ratio.

3. Business Growth:
- Deposits and Advances of the bank grew YoY by 9% and 18% respectively.
- Yield on Advances improved to 9.50% for the quarter.
- CASA fell but still remains one of the highest in the industry.
- The bank is on track to achieve top-line growth numbers in line with the business plan.
- Measures have been initiated to mobilize deposits, including self-serviced online account opening and QR-Code coverage campaigns.

4. Capital Position:
- Capital Adequacy Ratio stood at 14.53% as against 12.86% last year.
- The bank is on track to achieve the annual guidance of CRAR at 16%.
- Digital transformation is prioritized to extend convenience, security, and satisfaction to customers.
 

 

 

Result PDF

Jammu & Kashmir Bank announced Q1FY24 results:

  • Net profit has jumped 97% YoY to almost double its profit after tax (PAT) to Rs 326.45 crore for Q1FY24 when compared to Rs 165.97 crore recorded for Q1FY23.
  • Net interest income (NII) rose 24% YoY to Rs 1,283.30 crore in Q1FY24, while the net interest margin (NIM) improved to 3.98% as compared to 3.46% registered in Q1FY23 and 3.94% recorded in Q4FY23.
  • Core operating profit of the bank witnessed a sharp spike of 38% YoY and reached Rs 528.05 crore from Rs 381.45 crore
  • Bank’s cost to income ratio for Q1FY24 has reduced to 65.07% as against 69.17% recorded Q1FY23. The bank’s return on assets (ROA) for Q1FY24 was at 0.94%.
  • The bank's gross non-performing assets (GNPA) have reduced to 5.77% YoY as against 9.09 % recorded Q1FY23. In sequential terms, GNPA has declined by 27 bps from 6.04% recorded in Q4FY23.
  • The net NPA for Q1FY24 also improved to 1.39% as against 3.02% registered in Q1FY23 and 1.62% recorded in Q4FY23.
  • NPA coverage ratio for Q1FY24 improved to 87.55% when compared to 81.21% recorded Q1FY23 and 86.20% as on March 31, 2023.
  • Advances of the bank grew over 17% YoY and stood at Rs 84,475.63 crore when compared to Rs 71,926.56 crore in Q1FY23.
  • The deposits increased by 8% to Rs 1,21,297.49 crore as against Rs 1,12,145.18 crore recorded last year. However, YoY growth of advances and deposits’ portfolios in the UT of J&K is at 11% and 8% respectively, while in the rest of India, deposits have increased by 11%, and advances have grown by 26%.
  • During Q1FY24, the bank’s CASA ratio remains well above 53%.
  • The bank’s capital adequacy ratio stood at 14.83% as against 13.02% recorded in Q1FY23.

Commenting upon the Bank’s results, MD & CEO Baldev Prakash said, “With an almost doubled YoY PAT, our Q1 performance gives us a very encouraging start to meet our annual guidance. Reflecting the gradual but marked improvement in our operations, our core operating profit has jumped 38% YoY while witnessing a 17% rise on a QoQ basis. With NIM at almost 4% along with a 24% YoY increase in Net Interest Income, I see promising top-line growth unfolding in coming quarters.”

“For the last six quarters, we have continued to strengthen and stabilize key operational parameters. The idea is to keep strengthening the core to ensure continuous and sustainable growth going forward,” he added.

Regarding asset quality, the MD & CEO said, “The trend in asset quality continues to be very encouraging. With vigorous recovery pursuits and the expected resolution of a good number of accounts, we are well on course to achieve the asset-quality as per our guidance which is to contain our GNPA figure between 4 and 4.5% by the end of the current fiscal.”

“We are also aiming at an NPA Coverage Ratio of around 90% in coming quarters,” he added.

Commenting upon the business numbers, MD & CEO said, “Increase in advances is quite healthy at over 17% YoY and with strategies in place we will maintain the growth momentum.”

“However, on the liability side, there is slight de-growth on a QoQ basis. Although this has been the trend with J&K Bank due to the movement of Govt. funds which usually peak during the March quarter we have initiated aggressive deposit campaigns for mobilization of CASA with digital onboarding of new-to-business customers. And a good number of accounts have already been opened which shall, over time, accumulate sizable balances,” he added.

Elaborating upon capital position, the MD & CEO said, “After achieving the target of 15% CRAR during the last year, we are looking at a capital adequacy ratio of about 16% by the end of this fiscal. Even though we expect major accretions from internal accruals but plans are in place to raise capital from the market, if required.”

 

 

 

 

Result PDF

Jammu & Kashmir Bank announced Q4FY23 & FY23 results:

  • Net profit of Rs 1,197 crore for FY23 and registered Rs 476 crore as net profit for Q4FY23.
  • Net Interest Margin (NIM) for the FY23 at 3.89 % against 3.50% recorded last year.
  • Bank’s operating income increased by 18% YoY to Rs 5,502 crore while as the other Net Interest Income (NII) grew 21% YoY to Rs 4,745 crore.
  • Bank’s Yield on Advances rose annually to 8.91% from 8.32%, while as the CD and CASA ratios stood at 67.43% and 54.10% respectively for the reviewed financial year.
  • The Bank’s gross and net NPA as percentages to gross and net advances improved considerably to 6.04% and 1.62% respectively when compared to 8.67 % and 2.49%, recorded last year.

Commenting upon the annual numbers, MD & CEO Baldev Prakash said, “With historic yearly profit, highest-ever quarterly net, decadal high CRAR, best asset-quality figures over last 8 years; it’s a great feeling to deliver better-than-promised annual numbers. I feel completely satisfied to see that we have gotten better at operating our business efficiently.”

“Looking back to March 2022 with these set of numbers, I see an unmistakable shift in performance as well as the functioning of Bank. Right from financials, operations and business to compliance and vastly improved corporate governance, the leap from turn-around to transformation is quite perceptible as well as promising”, he added.

 

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