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Reading: J&K Bank’s long-term issuer rating `upgraded
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Rising Kashmir > Blog > Breaking > J&K Bank’s long-term issuer rating `upgraded
Breaking

J&K Bank’s long-term issuer rating `upgraded

RK Online Desk
Last updated: August 22, 2024 10:43 pm
RK Online Desk
Published: August 22, 2024
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India Ratings – a Fitch Group company and one of the country’s leading rating agencies – has upgraded Jammu and Kashmir Bank’s long-term issuer rating to INDAA- from INDA+ with the outlook is stable.

The first among the key rating drivers, as per the agency’s rationale behind the upgrade, is the bank’s systemic significance for Jammu & Kashmir given its strong franchise and substantial market share in the UTs of J&K and Ladakh besides being the designated agent bank by the Reserve Bank of India for the UTs.

The bank has received continued financial support from the governments of the strategically important UTs as it plays a major role in the region’s economy.

The other key drivers listed by the agency include its strengthened capital buffers and an improved profitability profile that the bank is expected to sustain.

And with the CET 1 ratio improving to 12% in FY24, the asset quality metrics have consistently improved with GNPA of the bank declining to 3.9% and NNPA falling to 0.8% in line with peer banks. Having a deposit profile with a high proportion of low cost deposits, the bank’s CASA ratio has remained higher than it’s peers at 49.8% and credit to deposit ratio remaining comfortable at 71% .

Expressing his pleasure over the upgrade, MD & CEO Baldev Prakash said, “The rating upgrade positions us favourably for future growth and encourages us to serve our customers with renewed vigour and confidence. While being a testament of our resilience and hard work as an institution, it also reflects our growing strength as we continue to align our strategies with the evolving needs of our customers and stakeholders.

The stable outlook also reinforces our commitment to maintaining a robust financial profile while contributing to the economic growth of our operational geographies.”

“The improving socio-political environment in the UTs of J&K and Ladakh has really played a crucial role in our progress. And with continued support of our major share holder i.e. J&K UT Government, we will remain steadfast in our mission to support and drive the economic transformation of the region to see tourism, agriculture and small businesses not only grow but flourish”, he added.

According to India Ratings, the upgrade reflects the bank’s enhanced capital buffers, continued improvement in its profitability profile, supported by the improving socio-political environment in it’s core business geographies . The rating continues to highlight the bank’s strong market position and franchise in the UTs of J&K and Ladakh.

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