Jammu and Kashmir Bank has nearly doubled its net profit to Rs 326.5 crore for the first quarter of FY24 from Rs 166 crore a year ago, according to the lender's financial results declared on July 24.
The private sector bank's asset quality too improved in Q1FY24 with gross non-performing assets (GNPA) declining to 5.77 percent from 9.09 percent last year. Net non-performing assets (NNPA) dropped to 1.39 percent from 3.02 percent in this period.
At 1:54pm, shares of Jammu and Kashmir Bank were trading at Rs 71.20, down 3.21 percent from the previous close, whereas the benchmark equity index Sensex were 3.45 percent down at 71.10.
MD & CEO Baldev Prakash said, “With an almost doubled Year-on-Year PAT, our Q1 performance gives us a very encouraging start to meet our annual guidance. Reflecting the gradual but marked improvement in our operations, our core operating profit has jumped 38% YoY while witnessing 17 percent rise on QoQ basis.
"With NIM at almost 4 percent along with 24 percent YoY increase in Net Interest Income, I see promising top-line growth unfolding in coming quarters," Prakash further added.
“For the last six quarters we have continued to strengthen and stabilize key operational parameters. The idea is to keep strengthening the core to ensure continuous and sustainable growth going forward”, he continued.
The Bank’s Net interest income (NII) rose 24 percent YoY to Rs 1283.30 crore in the first quarter of CFY, while as, the Net Interest Margin (NIM) improved to 3.98 percent as compared to 3.46 percent registered in Q1 of FY 2023 and 3.94percent recorded in the last quarter of FY 2023.
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