J&K Bank’s annual net soars 48% to reach its highest ever profit of Rs 1767 cr

Srinagar: In yet another record-breaking performance, J&K Bank has posted a net profit of Rs1767 Cr for the fiscal 2023-24 – a remarkable improvement of 48% over the previous high of Rs. 1197 crore achieved last year.

According to a statement the Bank declared its annual and Q4 results today after its Board of Directors approved the numbers in a meeting held here at the Bank’s Corporate Headquarters.

On the occasion, the Board of Directors of the Bank also recommended a handsome final dividend of Rs. 2.15 per share of Face Value Re 1.00 for its shareholders.

The Bank’s net profit for the Q4FY23-24 also rose by 34% to Rs 638.67 Cr when compared to Rs 476.33 Cr recorded last financial year. This also is a historic high for quarterly profits. Performance Highlights: Beating its previous highest-ever profit of Rs. 1197 Crore achieved only last year, the Bank’s net profit surged by 48% to record a new high of Rs 1767 Cr.

In line with its promise of meeting annual guidance, the Bank’s notable metrics include 3.92% net interest margin (NIM), over 15% capital adequacy ratio (CAR), around 4% gross NPA and below 1% net NPA – a reflection of strong operating results reinforcing further financial soundness and resilience to the balance-sheet.

The Bank’s total revenue grew by 19% to cross the Rs 12000 Cr mark while as the net interest margin (NIM) stood at 3.92%. Bank’s Yield on Advances rose annually to 9.54% from 8.91%, while as the Return on Assets (RoA) reached quite healthy levels at 1.22% – crossing the 1% barrier after a decade – as against 0.89% recorded last fiscal.

Expressing his satisfaction on the occasion about the good set of numbers posted by the Bank for FY 2024, the Bank’s MD & CEO Baldev Prakash said, “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 and impressive financial metrics reflects the changing culture of the Bank where delivering streak of new records period after period is becoming a habitIt also underscores the Bank’s resilience and strategic prowess in navigating dynamic market conditions. More so, it reflects the dedication of our staff, the unwavering trust of our customers, and the continued support of our major shareholders i.e. UT Government.”

“Recommendation of a handsome dividend of Rs. 2.15 per share of face value Re. 1.00 for FY 2024 by the Board of Directors, is an acknowledgement of the trust and support of our shareholders and we are keen to share the rewards with our valuable shareholders. The success is the outcome of establishing synergies between the core elements of personnel, processes and technology; wherein capabilities have been fortified through planned transformation and change management”, he said adding further, “Now with laid-out platform, enhanced capabilities and strengthened core, we are ready to scale newer heights while embracing the dynamically evolving industry practices.”

He further stated, “Such stupendous success has been achieved while following principles of ethical business practices and maintaining highest standards of corporate governance.”

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