Jammu & Kashmir Bank Q3 gross advances grow 14.13% YoY; stock jumps 2%

Jammu & Kashmir Bank's financial performance for the December FY24 quarter reflects robust growth in gross advances, total business, and CASA deposits, showcasing positive momentum and sound financial health.

Shares of Jammu & Kashmir Bank jumped nearly 2 percent in early trade on January 5, post registering a year-on-year growth of 14.13 percent in advances at Rs 93,626.5 crore. At 9:15 am, the Jammu & Kashmir stock was trading at Rs 130.24 on NSE.

Jammu & Kashmir Bank has reported a significant growth in its financial performance for the December quarter of the fiscal year 2024. The bank's total gross advances for this period reached Rs 93,626.5 crore, marking a notable 14.13 percent increase compared to the same period last year.

Overall business also witnessed a substantial 11.8 percent year-on-year growth, reaching Rs 2,18,650 crore. The bank's total deposits experienced a commendable 9 percent year-on-year rise, reaching Rs 1,28,544 crore as disclosed in a business update filing by the bank with BSE on January 4.

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Notably, the bank's Current Account Savings Account (CASA) deposits for the quarter demonstrated a positive trend, rising by 2.68 percent on a yearly basis to Rs 65,035 crore. This indicates a healthy increase in the proportion of low-cost deposits in the bank's overall deposit portfolio.

In summary, Jammu & Kashmir Bank's financial performance for the December FY24 quarter reflects robust growth in gross advances, total business, and CASA deposits, showcasing positive momentum and sound financial health.

Jammu & Kashmir Bank Stock Performance

Jammu & Kashmir Bank has given a return of 86.62 percent over the last six months. The benchmark Nifty Bank index has given a return of 6.74 percent over the same duration.

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