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Reading: J&K Bank’s long-term issuer rating upgraded to INDAA- from INDA+
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Rising Kashmir > Blog > Kashmir > J&K Bank’s long-term issuer rating upgraded to INDAA- from INDA+
Kashmir

J&K Bank’s long-term issuer rating upgraded to INDAA- from INDA+

India Ratings enhances bank’s rating

RK News
Last updated: August 23, 2024 12:33 am
RK News
Published: August 23, 2024
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Srinagar, Aug 22: Marking a significant milestone, 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 stable outlook.
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 sub-stantial 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 re-mained 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 up-grade 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 strat-egies 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 played a cru-cial role in our progress. With the continued support of our major shareholder 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, con-tinued improvement in its profitability profile, supported by the improving socio-political en-vironment in its 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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