Jammu and Kashmir Bank has announced its highest annual net profit of ₹1197 crore in FY 2022-23 results.
With a capital adequacy ratio of 15.39%, the highest in a decade, and NPA at an eight-year low of 6.04%, the bank also posted its highest quarterly profit of Rs 476 crore in the last quarter.
“Jammu and Kashmir Bank has recorded ₹1,197 crore as net profit for fiscal year 2022-23, which is the highest annual profit ever,” a bank spokesperson said.
“The bank’s gross and net NPA as a percentage of gross and net advances improved considerably to 6.04 percent and 1.62 percent respectively, compared to 8.67 percent and 2.49 percent last year “.
The growth of advances exceeded that of deposits.
While advances grew by 17 percent to ₹82,285 crore, deposits rose by around 6 percent to ₹1,22,038 crore.
“It’s a great feeling to deliver better-than-promised yearly numbers. Looking to March 2022 with this set of numbers, I see an unmistakable change in the performance as well as the running of the bank,” said Baldev, CEO and CEO. Prakash said.
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He said that after revamping the business strategy to reduce concentration risk, the return-on-investment lending book has grown by more than 20 percent during 2022-23.
“While strengthening our balance sheet on a daily basis, we have now entered a progressive phase where business growth coupled with process excellence is poised to generate better returns for all of the bank’s stakeholders,” Prakash added.