JK Bank Reports Rs 1776 Cr Record AnnualProfit in 2023-24; announces dividend

Srinagar: Jammu and Kashmir Bank celebrated a major  achievement in its fiscal performance for 2023-24, achieving its highest-ever annual profit. The Rs 1,767 profit figure has soared by an impressive 48 per cent compared to the previous fiscal year, setting a new record for the bank.

In a gesture of sharing its success with stakeholders, the bank declared its intention to distribute a historic dividend payout of approximately Rs 236.75 crore, reflecting its commitment to value creation for shareholders. The bank’s total income also witnessed a notable upswing, recording a 10 per cent increase to reach Rs 6,029.17 crore.

Despite challenges, the bank showcased resilience in enhancing its asset quality, achieving a decade-low gross non-performing assets (NPA) ratio of 4.08 per cent, and net NPA at 0.79 per cent. This reflects a concerted effort towards risk management and prudent provisioning, underscored by a robust provision coverage ratio (PCR) of 91.58 per cent, an official spokesman of the bank said.

On the operational front, the bank demonstrated robust business growth with a significant rise in both total deposits and net advances. Total deposits surged by 10.44 per cent year-on-year to Rs 1,34,774.89 crore, while net advances witnessed a commendable 14 per cent increase to Rs 93,762.51 crore during the fourth quarter of FY 2023-24. These figures underscore the bank’s steadfast commitment to serving its customers and fostering financial stability within the region, the spokesperson added.