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Rising Kashmir > Blog > Kashmir > J&K Bank Q3 net profit jumps 35% to Rs 421 cr
Kashmir

J&K Bank Q3 net profit jumps 35% to Rs 421 cr

RK News
Last updated: January 20, 2024 10:13 pm
RK News
Published: January 20, 2024
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Srinagar, Jan 20:  J&K Bank on Saturday reported a 35 per cent rise in net profit to Rs 421 crore in the third quarter ended December 2023 on the back of a decline in bad loans and improvement in core income.
The bank had earned a net profit of Rs 311 crore in the October-December quarter of 2022. The total income of the bank increased to Rs 3,063 crore in the quarter as compared to Rs 2,682 crore in the December quarter of the previous fiscal, J&K Bank said in a regulatory filing.
The bank’s interest income rose during the third quarter of the current fiscal to Rs 2,881 crore, as against Rs 2,441 crore in the same period last fiscal. The gross non-performing asset (NPA) ratio improved to 4.84 per cent as of December 31, 2023, as against 7.25 per cent as of December 31, 2022.
Similarly, the net NPA also declined to 0.63 per cent as compared to 2.08 per cent at the end of December 2022. Provision coverage ratio as of December 31, 2023, is 91.61 per cent without taking into account the floating provision of Rs.124.48 crore held by the bank which is part of Tier-II capital, it said.
During the quarter, the bank raised equity share capital including a share premium of Rs 750 crore through Qualified Institutional Placement on December 15, 2023. As a result, the Capital Adequacy Ratio of the bank improved to 14.18 per cent as compared to 13.82 per cent at the end of December 2022.
The Bank’s net advances are up 16% YoY at Rs 89752.36 Cr during the quarter reviewed while as the deposits have grown 9% from Rs 117935.47 Cr to Rs 128542.47 Cr. The Bank has witnessed 19% YoY growth in advances in its Rest-of-India (RoI) portfolio. The Bank’s overall business has increased by 11.61% to Rs 218650 Cr from Rs 195574 Cr recorded last year.
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 ₹750 Cr 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 Cr as growth capital to augment our capacity to fund our business plans.”
 
“With the QIP, our net worth has crossed Rs 10000 Cr for the first time and is currently above Rs 11000 Cr”, MD & CEO added.

 

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