Jammu & Kashmir Bank Q3 Net profit surges 26%

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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Jammu & Kashmir Bank reports 58% fall in Q1 net profit

Jammu & Kashmir Bank on Saturday reported a 58 per cent fall in its net profit to Rs 21.87 crore in the first quarter of 2019-20 due to a rise in provisions for bad loans.

The bank had posted a net profit of Rs 52.59 crore in the April-June quarter of the previous fiscal.

Total income during the first quarter of 2019-20 rose to Rs 2,256.25 crore from Rs 1,897.24 crore in the same period of 2018-19, the bank said in a release.

On asset front, gross non performing assets fell to 8.48 per cent of gross advances as on June 2019, as against 9.83 per cent by June end 2018.

Net NPAs also came down to Rs 4.36 per cent from 4.46 per cent a year ago.

However, the provisioning for bad loans and contingencies moved up to Rs 293.21 crore in the June quarter from Rs 255.01 crore in the same quarter of previous fiscal.

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Jammu & Kashmir(J & K) Bank Q4 net profit jumps over 7-fold

J&K Bank, reported a 129% growth in net profit for the Financial Year 2018-19 at Rs 465 crore as compared to Rs 202 crore in the previous fiscal.

In the March 2019 quarter, the bank has reported a profit of Rs 214.80 Cr as compared to Rs 28.41 Cr in the corresponding quarter of FY 2018. Buoyed by strong retail credit growth, sale of partial stake in PNB MetLife, and resolution of some large NPLs, the total income of the bank rose to Rs 8,487 crore in the FY 2018-19 as compared to Rs 7,116 Cr a year ago.

The results for the FY 2018-19 and Q4 FY 18-19 were announced by the bank on Wednesday after its Board of Directors adopted the audited numbers of the bank in its meeting held at Corporate Headquarters Srinagar.

The growth in J&K state credit has been reported at 23% over the last year and net interest income – the difference between interest earned on loans and that paid on deposits – grew by 42% in the 4th quarter of 2018-19.

The NIIM of the bank, an indicator of profitability, was calculated at 4.05 for the 4th quarter and on full-year basis it improved to 3.84% as compared to 3.65% in the previous fiscal.

The Chairman & CEO of J&K Bank attributed the turnaround and stellar growth to the unflinching trust of the promoters and customers of the bank, especially from J&K state. He commended the management team, business heads and operative staff for robust credit growth, management of NPAs, NPA recovery, improvement in compliance culture, etc, despite a challenging environment.

“Our numbers are unfolding in line with our strategic business plan to direct the focus of our credit expansion in J&K state especially in retail & SME segments. We are continuously gaining market share in J&K besides improving the penetration of credit to hitherto credit starved geographies/segments especially in consumer and housing sectors. If you see our segmental numbers in retail, housing has grown by 79% from 3117 Cr to 5384 Cr, Consumer finance has grown exponentially from 195 Cr to 1978 Cr, Car loans have grown by 37% from 2000 Cr to 2741 Cr, resulting in aggregate retail credit growth of 33%. The corporate to retail mix of our overall advances is now 43% corporate to 57% retail, as compared 53% corporate and 47& retail a couple of years ago,” announced the chairman.

“The results also validate our medium-term growth strategy to achieve a total business of about 2.50 Lac Cr with a targeted profit of Rs 2000 Cr, NIIM ranging between 3.5-4%, ROA of 1.3%, ROE of 16%, and credit cost below 1% at the end of FY 2022. I can say confidently that once our provisioning requirements due to ageing of NPAs are over, may be in 3-4 quarters, the best in terms of bottom line is yet to come,” added Parvez Ahmed.

The bank, he said, will be targeting to extend its outreach to the vast majority of rural population of the state, which is dependent on informal channels for their financial needs. This, he said, will further strengthen the bank’s low cost CASA franchise, which at 50.7% is one of the best in the banking industry.

The bank’s total business as on the close of 31st March 2019 touched Rs 1,61,864 crore, comprising deposits of Rs 89,638 crore and gross advances of Rs 72,226 crore, as compared to total business of Rs 1,42,466 crore an year ago, an increase of around 14%.

As a percentage of total loans, the Gross and Net NPA ratios of the bank improved to 8.97% and 4.89% as compared to 9.96% and 4.90% a year ago. Notably, the bank recovered NPAs of Rs 2,750 Cr during the year, besides making provisions of over Rs 1,000 crore for bad & doubtful debts.

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Jammu & Kashmir (J&K) Bank Q3 net profit up 43%

Jammu & Kashmir Bank has reported 43% increase in its net profit at ₹ 103.75 crore for the third quarter ended December 2018.

The bank had earned a profit of Rs. 72.47 crore in the October-December quarter of previous fiscal, the bank said in a statement.

Total income of the bank rose to Rs. 2,184.22 crore as against Rs.1,790.77 crore in the same period a year ago.

The gross non-performing assets (NPAs) as a percentage of total advances by end of December 2018 fell to 9.94 per cent as against 10.08 per cent as on December 31, 2017, it said.
Also read- Q3FY19 Results of all Public & Private Sector banks in India 

However, net NPAs rose marginally to 4.59 per cent of the net loans from 4.29 per cent in the corresponding period a year ago.

The NPA coverage ratio, though static on a year-on-year basis and still comparable with the best in the industry, has seen a dip on sequential basis to 65.82 per cent mainly on account of downgrade of IL&FS which reflects that the bank has been able to tide over the IL&FS shock without any major deterioration in the balance sheet parameters, it said.

From now onwards, the bank will focus on the transformation exercise by aggressively implementing the business plan 2022 prepared in consultation with management consultants and expects to clock a profit of ₹ 2,000 crore by end of 2022.

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Jammu & Kashmir(J&K) Bank half-yearly net profit grows 44%

J&K Bank, the state-owned premier financial institution and a listed entity, today reported a 44% increase in its net profit to Rs 146.34 Cr for the half year ended 30th September 2018 after the reviewed results of the Bank were adopted by the Board of Directors in the meeting held at the Bank’s Corporate Headquarters. The Bank had posted a net profit of Rs 101 Cr during the first half of previous fiscal.

Notably, the Bank has now reported six consecutive quarters of profitability after recovery from a loss of Rs 1632 Cr in the financial year ended March 2017. The gross business turnover of the bank has also seen a record increase surpassing the 1, 50,000 Cr mark with J&K state business contributing more than 1, 05,000 Cr on the back of robust credit growth of 23% year on year.

Discussing the problem of NPAs Parvez Ahmed said, “Overall NPAs are under control though provisioning pressure still remains due to the aging of NPAs that is going to taper in next 2 to 3 quarters. We are maintaining our Provision Coverage Ratio of around 70%. The net NPA is down to 3.91% as compared to 4.76% a year ago. The silver lining is that our J&K state rehabilitated portfolio has been behaving very well with only 0.8% slippages in the 09 months period post cessation of the moratorium period. This has allayed market apprehensions on the J&K state restructured portfolio of Rs 4300 Cr.”

The bank’s total income for the half year period increased to Rs 3603 Cr from Rs 3346 Cr recorded during the corresponding period of the FY 2017-18.

Net Interest Margin (NIM), a benchmark for the profitability of the bank remained healthy and stable at 3.72%. The cost of deposits has reduced to 4.87% as against 5.24% recorded for the corresponding half year of previous fiscal. The net advances of the bank grew to Rs 63691 Cr as against a figure of Rs 51341 Cr a year ago and Rs 56912 Cr in March 2018. On the deposit front, the bank recorded a growth of 15.7% over the last year with low-cost CASA deposits contributing around 50% of the total deposits 

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Jammu & Kashmir Bank Ltd. (J&K Bank) Recruitment for Probationary Officer (PO) & Banking Associate (Clerk) Posts 2018

Jammu & Kashmir Bank Ltd. has published Advertisement for below mentioned Posts 2018. Other details like age limit, educational qualification, selection process, application fee and how to apply are given below.

Posts:

Probationary Officer (PO): 250

Banking Associate (Clerk): 1200

Total No. of Posts: 1450 Posts

Educational Qualification: 

Probationary Officer (PO): Graduate / Post-graduate with 60% marks and above:-Educational qualifications should be from a recognized University/Institute (UGC/AICTE approved) & the result should have been declared on or before 01.10.2018. (The fraction of percentage arrived will be ignored i.e. 59.99% will be treated as less than 60%)

Banking Associate (Clerk): Graduate / Post-graduate with 55% marks and above:-Educational qualifications should be from a recognized University/Institute (UGC/AICTE approved) & the result should have been declared on or before 01.10.2018. (The fraction of percentage arrived will be ignored i.e. 54.99% will be treated as less than 55%).

Age Limit:

• Probationary Officer (PO): 18-30 years as on 01.01.2018
• Banking Associate (Clerk): 18-32 years as on 01.01.2018

For SC/ST/ ExServicemen: Relaxation up to 35 yrs as on 01.01.2018

Payment of Fees: (ONLINE MODE)

• Probationary Officer (PO): The Candidates will pay the requisite fee (Rs.1000/- for General Category & Rs.800/- for Schedule Caste (SC) and Schedule Tribe (ST) Category) to be paid through online mode. No other Mode of payment is available
• Banking Associate (Clerk): The Candidates will pay the requisite fee (Rs. 800/- for General Category & Rs. 600/- for Schedule Caste (SC) and Schedule Tribe (ST) Category) to be paid through online mode. No other Mode of payment is available.

Emoluments:

Probationary Officer (PO): Presently, the starting basic pay is Rs. 23700 / - in the scale of Rs. 23700 -980/7 - 30560 -1145/2 -32850 -1310/7 -42020 & other perks applicable to Junior Management Grade Scale -I.

Banking Associate (Clerk): Presently, the starting basic pay is Rs.13075/- (With 2 Advance increments) in the scale of Rs. 11765-655/3-13730-815/3-16175-980/4-20095-1145/7- 28110-2120/1-30230-1310/1-31540 & other perks applicable to Banking Associates.

Important Dates:

Starting Date of Online Application & Fee Payment: 24-10-2018

Last Date to Apply Online & Fee Payment: 10-11-2018

How to Apply: Interested Candidates may Apply Online Through official Website.

More details: Click Here

Apply Online: Click Here

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Probationary Officer (PO)

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Banking Associate (Clerk) 

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Jammu and Kashmir(J&K) Bank Q1 net profit rises 75%

Jammu and Kashmir Bank today declared a 75 per cent jump in net profit at Rs 52.59 crore for the first quarter of the current financial year.

"J&K Bank has posted a net profit of Rs 52.59 crore for the first quarter ended June 2018, registering 75 per cent increase over the net profit of Rs 30.19 crore reported for the June quarter in the previous financial year, " a spokesman of the lender said.

The bank's total income increased to Rs 1,897.24 crore from Rs 1,790.53 crore recorded during the corresponding period of 2017-18.

"Net Interest Margin (NIM) of the bank for the quarter is3.66 per cent as against3.19 per cent in March 2018.

"The cost of deposits has reduced to4.83 per cent as against5.27 per cent recorded for the corresponding quarter last year," he added.

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Jammu & Kashmir(J&K) Bank reports Q4 net profit

Jammu & Kashmir(J&K) Bank while showing resilience during turbulent times in banking industry, has registered a profit of Rs 202.72 crore for the financial year 2017-18. The Board of the Bank adopted the audited financial results for the Q4 & FY 2017-18 here today.

The audited results revealed that the bank registered a total business of Rs 140304.78 cr comprising deposits of Rs 80006.50 cr and advances of Rs 60298.28 cr as on March 31,2018 depicting a growth of 11.3% over the previous fiscal. Within the State, the bank reported a robust credit growth of 20% in line with the State focused lending strategy of the current leadership of the bank.



Commenting on the numbers for the fourth quarter, Chairman & CEO Parvez Ahmed said “The banking industry has seen a very difficult and challenging 4th quarter with RBI coming out with revised guidelines on NPA identification and treatment besides quashing the restructuring schemes leading to some major slippages across the industry. “Then there was the Nirav Modi effect which lead to one of our accounts M/s Gitanjali Gems getting downgraded. In J&K State rehabilitated portfolio, RBI notified some divergence in classification. All this resulted in enhanced provisioning and interest reversals which precipitated in muted bottom-line for the quarter, he added.


“On the brighter side,” he said “we were able to complete the cleanup and consolidation act. In the current fiscal though there will still be pressure on the balance sheet but we do not anticipate any major downgrade in the pipeline. We have concomitantly completed the succession planning exercise along with revamping of the organization structure with the aim of improving the systems and procedures to strengthen the culture of compliance. The focus has been on the risk management and capital planning too for regulatory compliance and growth over a longer period of time”, Parvez Ahmed said.


“Our promoters, the State Government and the regulator Reserve Bank of India supported us well during the tough preceding year with their guidance and support particularly in the management of rehabilitated portfolio of J&K State, the former supporting the business community with Chief Minister business interest relief scheme and the latter by allowing us the staggering provisioning for interest capitalized in rehabilitated accounts.”, acknowledged the Chairman.



Commending the concerted efforts of the staff of the bank in the challenging environment in the banking industry, he added, “the biggest anchor has been the human capital of the bank who have worked tirelessly for the last one and a half  years to execute the multi-pronged strategy devised to tide over the difficult times in the bank. We could manage to keep ourselves in the green zone riding on NPA recovery of Rs 2200 cr which included timely asset sale of some distressed assets, credit growth of 12.5% and better liability management by deprioritizing high cost bulk deposits. All this will not have been possible but for the synergistic efforts by the dedicated team at all levels.


“During the current fiscal, our focus will still be on conservation & augmentation of capital, NPA recovery, containing the slippages especially in the restructured portfolio and strengthening of the compliance framework in the Bank. On the business front, we are targeting a balance sheet growth of 20% which shall be mainly driven by credit growth of 30% in J&K state where we see huge opportunity lying untapped in the retail credit.”


Notably the Bank has reported a digital transaction percentage of 48%, CASA ratio of 50.89%, NIIM of 3.65%, NPA coverage ratio of 65.83% net NPA of 4.90% and profit FY 17-18 at 202.72 Cr. The bank is continuously introducing new customized products in the J&K state besides driving the push to sourcing of new retail loans to digital channels by targeting strategic tie up with Government departments and institutional customers to drive its retail credit growth in the J&K State.

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