Srinagar: Jammu and Kashmir Bank on Monday said its December quarter net profit rose by 79 percent to Rs 311.59 crore. The net profit rose to Rs 311.59 crore as against Rs 173.95 crore registered for the same period last fiscal, a bank spokesperson said during its December quarter results announcement. The bank was well on its trajectory to meet annual profitability targets, added the spokesperson. “The bank’s profit for nine months is up 85 percent to Rs 721.05 crore from Rs 389.36 crore clocked during nine months of the last fiscal,” he said.
NII increased by 27% to Rs 1,257.38 crore for the Oct-Dec quarter
Its Net Interest Income (NII) increased by 27 percent to Rs 1,257.38 crore for the October-December quarter as compared to Rs 993.30 crore reported previous year. It posted a growth of 19 percent on y-o-y basis for nine months to Rs 3,495.73 crore. The bank’s operating profit grew 65 percent on y-o-y basis to Rs 544.11 crore during the quarter under review.
“Driven largely by an improving asset-quality through better SMA management and vigorous recoveries, we have achieved a better set of numbers in our December quarter.
We remain committed to sustained improvement in our overall functioning and the operating results as communicated in our financial-year guidelines,” said its MD and CEO Baldev Prakash.
Gross NPA Ratio of the bank further came down to 168 basis points on y-o-y basis
The Gross NPA Ratio of the bank further came down to 168 basis points on y-o-y basis and 42 basis points on q-o-q basis to 7.25 percent for the third quarter of FY23. Meanwhile, the bank’s net advances were up 14 percent on y-o-y basis and four percent q-o-q basis to Rs 77,639 crore during the period under review. Deposits have grown by eight percent from Rs 1,09,298 crore to Rs 1,17,935 crore. However, the bank witnessed 21 percent growth in advances in its operational geographies across Rest-of-India (RoI) on y-o-y basis.
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