JK Bank Q4 Results: Jammu and Kashmir Bank reported its highest-ever annual profit at Rs 1,767 crore for 2023-24. Its Managing Director and CEO Baldev Prakash said the net profit surged 48 per cent compared to the previous fiscal.
“Beating its own highest-ever record of profits achieved only last year, the net profit surged in fiscal 2023-24 by 48 per cent to achieve its record profit figure of Rs 1,767 crore,” Prakash told PTI after the bank’s annual results for FY 2023-24 were released bank here.
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He said 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 witnessed a 10 per cent increase in its total income to Rs 6,029.17 crore from Rs 5,502.09 crore.
It had posted a profit of Rs 1,197 crore last fiscal, which was the highest profit till last year.
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Prakash said the bank’s asset quality has improved by bringing the gross non-performing assets to a decadal low of 4.08 per cent, while the net non-performing assets to 0.79 per cent.
With a provision coverage ratio (PCR) at 91.58 per cent, J&K Bank has reiterated its commitment to prudential provisioning and risk mitigation.
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On the business growth, Prakash said the bank’s total deposits rose 10.44 per cent 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.
Its net advances rose 14 per cent to Rs 93,762.51 crore in Q4 for FY2023-24 from Rs 82,285.45 crore a year ago.
