J&K Bank announces record net profit of Rs 1,767cr for FY2023-24, marking 48% growth
In a record-setting financial performance, Jammu and Kashmir Bank Limited (J&K Bank) announced a net profit of Rs1767 Crore for the fiscal year 2023-24, marking a remarkable 48% increase over the previous year’s Rs1197 Crore. The audited financial results, approved by the bank’s Board of Directors, include a final dividend recommendation of Rs2.15 per share. Q4 profits reached Rs638.67 Crore, up 34% from last year, signifying a historic high for quarterly profits.
Key Points:
1. J&K Bank’s annual profit soared by 48%, reaching Rs1767 Crore, with the bank’s dividend recommendation per share reflecting their financial confidence.
2. Total revenue grew by 19%, surpassing Rs12000 Crore, while the net interest margin stood at 3.92%.
3. Other financial indicators included a net NPA below 1% and over 15% Capital Adequacy Ratio, highlighting the bank’s resilience and balanced financial soundness.
J&K Bank announces a record profit of Rs1767 Cr for FY2023-24, rising 48% YoY. Learn more about their transformative strategies and resilient financials.
Financial Highlights:
The bank’s net interest margin (NIM) was reported at 3.92%, while the return on assets (RoA) reached a robust 1.22%, the highest level in a decade. Deposits increased 10.44% YoY to Rs134774.89 Crore, and net advances rose by 14% to Rs93762.51 Crore. Asset quality strengthened with gross NPA dropping to 4.08% and net NPA down to 0.79%. The provision coverage ratio (PCR) was at an impressive 91.58%.
Strategic Vision and Leadership:*
J&K Bank’s Managing Director & CEO, Baldev Prakash, emphasized that these numbers underscore the bank’s strategic prowess and dedication to its shareholders. “We are thrilled to report such stellar annual numbers, which reflect our unwavering commitment to excellence and prudent financial management. Our record-breaking annual profit reflects the changing culture of the bank,” Prakash stated. He also acknowledged the staff’s dedication and the trust of shareholders.
In terms of corporate governance, Prakash assured that the bank will continue to build a resilient and sustainable banking franchise while supporting various transformative projects. This includes enhancing digital initiatives, optimizing ESG practices, and fostering entrepreneurship to generate employment and promote economic growth in the region.
With a consistent track record of ethical business practices and customer-focused services, J&K Bank remains at the forefront of financial excellence. The impressive results for FY2023-24 signal a strong trajectory for continued growth and profitability.