J&K Bank Net Profit has witnessed steep rise of 164% in the December Quarter of FY22. The bank stated this after its Board of Directors reviewed and approved the numbers for third quarter and nine months ended December 31, 2021, in a meeting held today at Bank’s Zonal Office in Gurgaon, New Delhi.
The profits have more than doubled yoy to Rs173.95cr from Rs65.94cr recorded for the third quarter of the last financial year, while as in aggregate terms, the bank has earned Rs389.36cr net profit for nine-months, which is 235% up against Rs 116.37 Cr clocked during nine-months of the last fiscal.
The bank’s net interest income, or core income, has increased by 3 % for nine months yoy to Rs2935.73cr from Rs2853.36cr recorded for the corresponding period last year. The Net Interest Margin (NIM) has been recorded at a comfortable level of 3.67 % (annualized) for nine-months and the Cost of Deposits has come down by 55 bps to 3.66% from 4.21% recorded last financial year.
The Bank’s CASA Ratio continues to remain as one of the industry best at 56.32%.
Jammu and Kashmir Bank Ltd ended at Rs40.20 per share down by Rs1.05 or 2.55% from its previous closing of Rs41.25 per share on the BSE.
“We have seen good growth in profits on yoy basis. Our other numbers also depict our performance during the last three quarters of CFY and building upon the steady-momentum of last many quarters we will definitely improve the numbers further as we consolidate and clock our growth numbers for the current financial year (CFY) 2021-22,” MD & CEO Baldev Prakash, said.
The bank’s net NPA’s as percentage to net Advances ratio is at 3.02% while as the Gross NPA ratio has been recorded at 8.93%. Providing sufficiently for its bad loans for the quarter ended December, 2021, the Bank’s Provision Coverage Ratio for the reviewed quarter is at 81.45%.
The Bank’s advances have increased from Rs66545.32cr to Rs68365.94cr during the quarter reviewed while as the deposits have shown a steady growth of 5.3% from Rs103804.23cr to Rs109298.40cr. However, the Bank has witnessed over 10% yoy growth in advances in its core area of operations i.e. J&K & Ladakh.
The bank’s Capital Adequacy Ratio has further improved yoy to 12.38%, which is well within the BASEL III norms, as compared to 11.77 %, recorded as on December 31, 2020.
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