“Jammu and Kashmir Bank Posts Record-breaking Annual Profit, Surging 48% in Fiscal 2023-24”

Jammu and Kashmir Bank has announced its highest-ever annual profit of Rs 1,767 crore for the fiscal year 2023-24, with a 48% increase in net profit compared to the previous year. The bank’s Managing Director and CEO, Baldev Prakash, stated that the net profit had surpassed the previous year’s highest-ever record, indicating a surge of 48% and reaching the record profit figure. The bank will be sharing the historic profits with its shareholders by making the highest dividend payment of around Rs 236.75 crore this year.

The bank’s total income has increased by 10% to Rs 6,029.17 crore from Rs 5,502.09 crore. The bank’s asset quality has also improved, reducing the gross non-performing assets to a decadal low of 4.08%, and the net non-performing assets to 0.79%. The provision coverage ratio (PCR) is at 91.58%, indicating the bank’s commitment to prudential provisioning and risk mitigation.

Regarding business growth, the bank’s total deposits rose by 10.44% year-on-year to Rs 1,34,774.89 crore as of March 31, 2024, from Rs 1,22,037.74 crore recorded a year ago. Meanwhile, its net advances rose 14% to Rs 93,762.51 crore in Q4 for FY2023-24 from Rs 82,285.45 crore a year ago.