Jammu and Kashmir Bank Celebrates Record-Breaking Annual Profit of Rs 1,767 Crore for FY24
Srinagar, May 4: In a remarkable feat, Jammu and Kashmir Bank has announced its highest-ever annual profit of Rs 1,767 crore for the fiscal year 2023-24, marking a significant milestone in its financial journey.
The bank’s Managing Director and CEO, Baldev Prakash, revealed that the net profit soared by an impressive 48 per cent compared to the previous fiscal year, surpassing its own record set just the year before.
“Exceeding all expectations, our net profit for the fiscal year 2023-24 surged by an astounding 48 per cent, reaching a historic figure of Rs 1,767 crore,” Prakash stated during the release of the bank’s annual results for FY 2023-24.
Highlighting the bank’s commitment to its shareholders, Prakash announced plans to distribute a record dividend of approximately Rs 236.75 crore this year, reflecting the institution’s dedication to sharing its success with its stakeholders.
The financial report also showcased a commendable 10 per cent increase in the bank’s total income, which rose to Rs 6,029.17 crore from Rs 5,502.09 crore in the previous fiscal year.
Notably, the bank had achieved its highest profit till last year, posting a profit of Rs 1,197 crore in the preceding fiscal period.
Prakash emphasized the bank’s strengthened asset quality, with gross non-performing assets reaching a decade-low of 4.08 per cent and net non-performing assets dropping to 0.79 per cent. This improvement underscores the bank’s rigorous approach to risk management and asset quality maintenance.
With a robust provision coverage ratio (PCR) standing at 91.58 per cent, Jammu and Kashmir Bank reaffirmed its commitment to prudential provisioning and effective risk mitigation strategies.
Discussing business growth, Prakash revealed impressive figures, with the bank’s total deposits witnessing a substantial 10.44 per cent year-on-year increase, reaching Rs 1,34,774.89 crore as of March 31, 2024, compared to Rs 1,22,037.74 crore recorded a year ago.
Furthermore, net advances surged by 14 per cent to Rs 93,762.51 crore in Q4 for FY2023-24, compared to Rs 82,285.45 crore in the corresponding period a year ago, demonstrating sustained momentum in lending activities and business expansion.
The remarkable financial performance of Jammu and Kashmir Bank for the fiscal year 2023-24 not only underscores its resilience and adaptability in a challenging economic landscape but also reaffirms its position as a leading financial institution committed to delivering value to its stakeholders and contributing to the socio-economic development of the region.