Srinagar: Jammu & Kashmir Bank on Monday reported a 26.2 percent rise in net profit to Rs 531 crore for the October-December quarter of FY2024-25 compared to Rs 421.08 crore in the year-ago period.
A bank spokesman said that the financial institution is well on course to meet the annual profitability target.
“The Bank’s net profit for the first nine months of the current financial year has jumped 32.7 percent YoY to Rs 1,497.92 crore compared to Rs 1,128.60 crore recorded for the same period last year, reflecting its sustained growth trajectory,” he added.
Speaking about the bank’s focus going forward, MD & CEO Amitava Chatterjee said the objective remains to scale up the growth.
“As we are in the final quarter of the current fiscal, our objective remains to scale up growth while delivering superior value to stakeholders through quality customer engagement and enhanced operational efficiency.
“We plan to strengthen our focus on priority sector lending, particularly agriculture and MSMEs, while exploring growth opportunities in emerging markets in the rest of the country. With a robust foundation and clear strategic direction, I think, we are well-positioned to enhance our growth momentum and deliver long-term value to all our stakeholders,” he added.
The spokesman said the Bank’s operating metrics reflected steady growth, with Net Interest Income (NII) growth of 17.8 percent YoY and 5.1 percent QoQ for the quarter to Rs 1,508.68 crore. Other income for the quarter has also surged by 32.9 percent YOY.
The Net Interest Margin (NIM) for the quarter has improved to 4.04 percent, up 14 basis points quarter on quarter. Return on Assets (RoA) increased by 19 bps YoY to 1.34 percent for the quarter, while Cost-to-Income Ratio reduced for the quarter to 57.28 percent YoY from 62.36 percent.
The Bank’s Gross NPA ratio declined YoY to 4.08 percent, down by 76 basis points (bps) from 4.84 percent, while the Net NPA stood at 0.94 percent.
Chatterjee said the Q3 results reaffirm the strong fundamentals and operational efficiency of the bank.
