J&K Bank Reports Surge in Deposits, Slower Loan Growth

J&K Bank showcased a rise in deposits by 9.65% to Rs 1.40 lakh crore in the third quarter of 2024, while loan growth was slower at 5.98%, reaching Rs 99,134 crore.

J&K Bank has announced a significant increase in deposit growth for the third quarter ending December 2024, as reported on Monday. The bank saw its total deposits climb by 9.65% to reach Rs 1.40 lakh crore, up from Rs 1.28 lakh crore compared to the same period the previous year.

Despite this positive trend in deposit accumulation, the growth in the bank's advances was more modest. Loan growth for J&K Bank was recorded at 5.98%, amounting to Rs 99,134 crore, compared to Rs 93,538 crore during the equivalent quarter of the prior fiscal year.

The bank's latest financial results highlight a disparity between deposit and loan growth rates, reflecting a cautious approach among borrowers and potentially signaling broader economic trends.

(With inputs from agencies.)