Saturday, 26 Jul 2025
  • My Feed
  • My Interests
  • My Saves
  • History
  • Blog
Subscribe
The Kashmir Aura
  • Home
  • Opinion

    Lok Sabha Polls: Anantnag-Rajouri registers over 23% voter turnout till 11 am

    By The Kashmir Aura

    Scientists Solve Mystery Behind One Of The Earth’s Oldest Star Sand Dunes

    By The Kashmir Aura

    Annual Kheer Bhawani: 1200 devotees visit Tikker, Kupwara amid tight security

    By The Kashmir Aura

    Anantnag Police Cracks Down on Narcotics :- ₹50 Lakhs Worth Property of Notorious Drug Peddler Attached

    By The Kashmir Aura

    58.85% voting recorded in Phase-I of polls in J&K: Poll Body

    By The Kashmir Aura

    Forest Library Inaugurated at Forest Headquarters Srinagar

    By The Kashmir Aura
  • Politics

    Cadila Pharmaceuticals launches vaccine to prevent seasonal flu in India

    By The Kashmir Aura

    Things happening in J&K as per sequence: First delimitation, now Assembly polls and then Statehood, Says LG Manoj Sinha

    By The Kashmir Aura

    Kashmir Bulletin’ Attends Court Over Defamation Allegations, Next Hearing on May 14

    By The Kashmir Aura

    Chronic hypertension may damage kidneys, digestive system: Doctors

    By The Kashmir Aura

    Low voter turnout in Srinagar Centre’s fault: Omar Abdullah

    By The Kashmir Aura

    Cloudy weather with rain forecast as night temp rises in J&K

    By The Kashmir Aura
  • Health

    Amarnath Yatra: Nearly 3 lakh pilgrims visit cave shrine in 15 days

    By The Kashmir Aura

    Govt has to deliver on governance, also fight for restoration of what has been snatched from J&K People: NC MP Ruhullah

    By The Kashmir Aura

    Campaigning ends for Baramulla LS seat, voting on Monday

    By The Kashmir Aura

    Will end sufferings of people from both regions of J&K: Farooq Abdullah

    By The Kashmir Aura

    Subsidized Helicopter Service Approved for Jammu-Mendhar Route

    By The Kashmir Aura

    Kashmir Valley generates Rs 300 crores from bumper garlic harvest

    By The Kashmir Aura
  • World
  • Travel
  • Tech
  • Contact US
  • 🔥
  • Kashmir
  • Politics
  • News
  • Breaking News
  • India
  • Cricket
  • Sports
  • Weather
  • Travel
  • Health
Font ResizerAa
The Kashmir AuraThe Kashmir Aura
Search
Have an existing account? Sign In
Follow US
© 2024 The Kashmir Aura | All Rights Reserved.
The Kashmir Aura > Blog > News > Kashmir > J&K Bank’s annual net soars 48 pc to reach its highest ever profit of Rs 1767 Cr
BusinessKashmir

J&K Bank’s annual net soars 48 pc to reach its highest ever profit of Rs 1767 Cr

By announcing highest dividend payment, the Bank has decided to share these historic profits with its valuable shareholders:

The Kashmir Aura
Last updated: May 6, 2024 8:27 am
The Kashmir Aura
Share
SHARE


Srinagar, May 06: In yet another record-breaking performance, J&K Bank has posted a net profit of Rs1767 Cr for the fiscal 2023-24 – a remarkable improvement of 48% over the previous high of Rs. 1197 Crore achieved last year.


The Bank declared its annual and Q4 results today after its Board of Directors approved the numbers in a meeting held here at the Bank’s Corporate Headquarters. On the occasion, the Board of Directors of the Bank also recommended a handsome final dividend of Rs. 2.15 per share of Face Value Re 1.00 for its shareholders.


The Bank’s net profit for the Q4FY23-24 also rose by 34% to Rs 638.67 Cr when compared to Rs 476.33 Cr recorded last financial year. This also is a historic high for quarterly profits.


Performance Highlights: Beating its previous highest-ever profit of Rs. 1197 Crore achieved only last year, the Bank’s net profit surged by 48% to record a new high of Rs 1767 Cr. In line with its promise of meeting annual guidance, the Bank’s notable metrics include 3.92% net interest margin (NIM), over 15% capital adequacy ratio (CAR), around 4% gross NPA and below 1% net NPA – a reflection of strong operating results reinforcing further financial soundness and resilience to the balance-sheet.


The Bank’s total revenue grew by 19% to cross the Rs 12000 Cr mark while as the net interest margin (NIM) stood at 3.92%. Bank’s Yield on Advances rose annually to 9.54% from 8.91%, while as the Return on Assets (RoA) reached quite healthy levels at 1.22% – crossing the 1% barrier after a decade – as against 0.89% recorded last fiscal.


Expressing his satisfaction on the occasion about the good set of numbers posted by the Bank for FY 2024, the Bank’s MD & CEO Baldev Prakash said, “We are thrilled to report such stellar annual numbers, which reflect our unwavering commitment to excellence and prudent financial management.

Our record-breaking annual profit and impressive financial metrics reflects the changing culture of the Bank where delivering streak of new records period after period is becoming a habitIt also underscores the Bank’s resilience and strategic prowess in navigating dynamic market conditions. More so, it reflects the dedication of our staff, the unwavering trust of our customers, and the continued support of our major shareholders i.e. UT Government.”
“Recommendation of a handsome dividend of Rs. 2.15 per share of face value Re. 1.00 for FY 2024 by the Board of Directors, is an acknowledgement of the trust and support of our shareholders and we are keen to share the rewards with our valuable shareholders. The success is the outcome of establishing synergies between the core elements of personnel, processes and technology; wherein capabilities have been fortified through planned transformation and change management”, he said adding further, “Now with laid-out platform, enhanced capabilities and strengthened core, we are ready to scale newer heights while embracing the dynamically evolving industry practices.”


He further stated, “Such stupendous success has been achieved while following principles of ethical business practices and maintaining highest standards of corporate governance.”
Business Growth: J&K Bank’s total deposits rose 10.44 % YoY to Rs 134774.89 Cr as of March 31, 2024, from Rs 122037.74 Cr recorded a year ago, while as the Net Advances of the Bank stood at Rs 93762.51 Cr in Q4FY24 rising up 14 % YoY from Rs 82285.45 Cr in Q4FY23.
On a sequential basis (QoQ), deposits grew by 5% and advances increased by 4.5%. Meanwhile, the Bank’s CASA Ratio at 50.51% as of March 31, 2024, despite industry-wide pressures on liability side, is among the best in the industry.
“Moreover, the Bank’s deposit growth, in line with the industry average of 11%, and advances increasing by approximately 14%, highlight its robust growth trajectory and market leadership in its core operational geography”, he said.
Asset Quality: Strengthening its asset quality further, the Bank has brought down the Gross NPA (GNPA) to 4.08 %, while the net NPA are below 1 percent at 0.79%.


MD further stated, “Our strong asset quality metrics underscore our methodical approach to risk management and our unwavering focus on maintaining a healthy balance sheet. While exceeding our annual guidance, these results validate our efforts to build a resilient and sustainable banking franchise. With a Provision Coverage Ratio (PCR) at 91.58%, J&K Bank continues to demonstrate its commitment to prudential provisioning and risk mitigation.”
Capital Adequacy: Ensuring adequate availability of capital to support its business growth while maintaining the regulatory buffer comfortably, the Bank is well cushioned with its Capital Adequacy Ratio at 15.33 % as on Mar, 2024.
Transformative Projects: J&K Bank’s transformative projects are progressing smoothly, with a focus on enhancing digital initiatives and ensuring zero-disruption of services, even during high-demand festive occasions. The bank has improved its overall customer services and launched innovative digital customer journeys to enhance the banking experience.


“Internally, our ESG efforts have led to the implementation of e-office across the organization, drastically reducing paper usage. However, remaining cognizant of environmental concerns, we continue to engage in sensible lending practices contributing to sustainability and enhanced operational efficiency.”
On upgrading Bank’s Human Resource, he asserted, “We continue to invest in our workforce through HR initiatives focused on re-skilling and up-skilling, creating change champions prepared to meet future challenges. An online learning system titled e-Pathshala has been established, integrating knowledge acquisition into the career progression journeys of employees, thereby incentivizing personal and professional growth – an overall strengthening of employee value proposition the Bank offers to its existing and prospective staff members.”


Corporate Social Responsibility: Commenting briefly upon the Bank’s CSR Program, MD said, “The Bank also contributes to the overall social good through its Corporate Social Responsibility (CSR) programs. With an annual spend of around Rs 19 Cr under our CSR programs during FY 2023-24, we have supported initiatives aimed at empowering marginalized communities, promoting eco-friendly measures, and providing assistance to persons with disabilities besides supporting programs focussed on skill development of youth. And on the back of improved profitability, such initiatives are bound to witness a further boost owing to the enhanced budgetary allocations.”


Fostering Entrepreneurship: Furthermore, J&K Bank remains steadfast in its commitment to extend employment benefits to thousands of youth, with a special focus on fostering entrepreneurship and driving socio-economic development in the region. “We are proud to be at the forefront of employment-generating initiatives,” said Baldev Prakash.
“As we celebrate this remarkable milestone, I would like to extend my heartfelt gratitude to our stakeholders and the communities we serve. Together, we will continue to grow, innovate and create sustainable value for all our stakeholders”, he concluded.

Share This Article
Facebook Twitter Email Copy Link Print
Previous Article IPL: KKR’s Sunil Narine becomes only third all-rounder to achieve historic double
Next Article 2 lakh first-time voters among 17.4 lakh electorates to cast ballot on May 13 in Sgr PC
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Your Trusted Source for Accurate and Timely Updates!

Our commitment to accuracy, impartiality, and delivering breaking news as it happens has earned us the trust of a vast audience. Stay ahead with real-time updates on the latest events, trends.
FacebookLike
TwitterFollow
InstagramFollow
YoutubeSubscribe

Popular Posts

Bakshi stadium witnesses overwhelming turnout for 2nd Legends League match

Fans await to see Chris Gayle in action as cricket fever grips Kashmir

By The Kashmir Aura

‘A Million Dollar Tourist’: Kashmir welcomes foreign film crews

Both Hollywood and Bollywood filmmakers shooting in south Kashmir

By The Kashmir Aura

Rains Lash J&K Plains, Gulmarg Among Upper Reaches Receive Fresh Snowfall

Srinagar, Mar 22 : Rains lashed plains while upper reaches including Gulmarg received fresh snowfall,…

By The Kashmir Aura

Recent Posts

  • 27 Killed, many others injured in Pahalgam Militant attack
  • J&K Teachers Forum Organizes Conference on “Drug Abuse & Role of Teachers” at Town Hall Achabal
  • One student dead, 23 injured as college bus overturns in Handwara
  • Awantipora Police organises Thana Diwas across the Police District
  • RLJP leader Abrar Bhat greets people of J&K ahead of Eid Ul Fitr

Recent Comments

No comments to show.

You Might Also Like

HealthIndiaKashmir

9,000 people to perform yoga with PM Modi in Srinagar on June 21: Jitendra Singh

By The Kashmir Aura
KashmirPolitics

NC-Cong succeeded in keeping BJP away in two phases: Omar

By The Kashmir Aura
Kashmir

MeT forecasts Light Rain After April 10 Evening In Jammu & Kashmir

By The Kashmir Aura
KashmirPolitics

Women voters outnumber men in 6 Kashmir ACs, record turnout in Chenab Valley

By The Kashmir Aura
The Kashmir Aura
Facebook Twitter Youtube Instagram

About US

The Kashmir Aura: Your instant connection to breaking stories and live updates. Stay informed with our real-time coverage across politics, tech, entertainment, and more. Your reliable source for 24/7 news.
Top Categories
  • World
  • Opinion
  • Politics
  • Tech
  • Health
  • Travel
Usefull Links
  • Contact Us
  • Advertise With Us
  • Content Policy
  • Editorial
  • Community Standards
  • Sell Your Story
  • Privacy Notice
  • Cookie Notice
  • Terms of Use

Copyright © 2024 The Kashmir Aura | All Rights Reserved
Welcome Back!

Sign in to your account

Lost your password?