On Monday, January 20, Jammu and Kashmir Bank (J&K Bank) announced that its net profit for the third quarter, which ended on December 31, 2024, increased by 26.3% year over year (YoY) to Rs.531.5 crore. Jammu and Kashmir Bank reported a net profit of Rs.421 crore during the same quarter of the previous fiscal year.
The difference between a bank's interest revenue from lending and the interest it pays depositors is known as net interest income (NII), and it increased 17.8% to Rs.1,508.6 crore from Rs.1,280.5 crore in the same quarter of FY24.
Read More- Q3 Result of Private Sector Bank
Compared to 3.95% in the September quarter, the gross non-performing asset (NPA) was 4.08% in the December quarter. Net NPA was 0.94%, down from 0.85% in the previous quarter. Monetary-wise, net non-performing assets (NPA) were Rs.898 crore compared to Rs.813.4 crore, while gross non-performing assets (NPA) were Rs.4,041 crore compared to Rs.3,916.3 crore.
This month, Jammu & Kashmir Bank announced that its third-quarter total business had increased by 8.56% year over year to Rs.2.37 lakh crore. Gross advances increased 5.89% year over year to Rs.99,134 crore, while total deposits increased 9.65% year over year to Rs.1.41 lakh crore.
Deposits into current account savings accounts, or CASAs, increased by a moderate 4.39% year over year to Rs.67,888 crore. Nevertheless, the CASA ratio fell to 48.17% from 48.6% in the prior quarter and 50.59% a year earlier. Gross investments were Rs.41,394.3 crore, a strong 26.97% increase from the previous year.
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