JK Bank Breaks Records with Unprecedented FY24 Annual Profit of Rs 1,767 Crore

Jammu and Kashmir Bank achieved record profits in 2023-24, posting a 48% surge to Rs 1,767 crore. The bank's total income increased by 10%, and it shared historic profits with shareholders through dividends. Asset quality improved, with gross and net non-performing assets reaching their lowest levels in a decade. Business grew, with deposits rising by 10.44% and advances by 14%. The bank's strong performance demonstrates its commitment to growth and financial stability.

Jammu and Kashmir Bank on Saturday 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.

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.

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.

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.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)