Jammu & Kashmir Bank announced Q4FY23 & FY23 results: Net profit of Rs 1,197 crore for FY23 and registered Rs 476 crore as net profit for Q4FY23. Net Interest Margin (NIM) for the FY23 at 3.89 % against 3.50% recorded last year. Bank’s operating income increased by 18% YoY to Rs 5,502 crore while as the other Net Interest Income (NII) grew 21% YoY to Rs 4,745 crore. Bank’s Yield on Advances rose annually to 8.91% from 8.32%, while as the CD and CASA ratios stood at 67.43% and 54.10% respectively for the reviewed financial year. The Bank’s gross and net NPA as percentages to gross and net advances improved considerably to 6.04% and 1.62% respectively when compared to 8.67 % and 2.49%, recorded last year. Commenting upon the annual numbers, MD & CEO Baldev Prakash said, “With historic yearly profit, highest-ever quarterly net, decadal high CRAR, best asset-quality figures over last 8 years; it’s a great feeling to deliver better-than-promised annual numbers. I feel completely satisfied to see that we have gotten better at operating our business efficiently.” “Looking back to March 2022 with these set of numbers, I see an unmistakable shift in performance as well as the functioning of Bank. Right from financials, operations and business to compliance and vastly improved corporate governance, the leap from turn-around to transformation is quite perceptible as well as promising”, he added. Result PDF
Jammu & Kashmir Bank announced Q3FY23 results: Q3FY23: J&K; Bank Net Profit witnessed a 79% rise YoY to Rs 311.59 crore for the Q3FY23 Quarter of FY23 as against Rs 173.95 crore registered for the same period last financial year. Well on its trajectory to meet annual profitability targets, the bank’s profit for nine months is up 85% to Rs 721.05 crore from Rs 389.36 crore clocked during nine months of the last fiscal. Performance Highlights: The bank’s net interest income (NII) surged by 27% YoY to Rs 1,257.38 crore for the Q3FY23 quarter when compared to Rs 993.30 crore recorded last year, while growing 19% YoY for nine months to Rs 3,495.73 crore The bank’s operating profit grew by 65% YoY to Rs 544.11 crore for Q3FY23. The bank’s NIM has also improved by 54 basis points (bps) YoY to 4.10% - the highest in the last seven years - while as the return on assets rose to 0.92% for the Q3FY23 quarter from 0.57% recorded last year. With a yield on advances improving by 90 bps to 9.34%, the bank’s steadily moderating cost-to-income ratio has come down further to 63.71% for the third quarter. Commenting upon the quarterly growth numbers, MD & CEO Baldev Prakash said, “Driven largely by an improving asset quality through better SMA management and vigorous recoveries, we have achieved a better set of numbers in our December quarter. And we remain committed to sustained improvement in our overall functioning and the operating results as communicated in our financial-year guidelines.” “And with a strict regime of early-warning systems, pro-active monitoring and review mechanisms at all levels coupled with rolling out of timely OTS schemes, we are confident of reducing our gross NPAs to around 6% by the end of fiscal”, he added. Result PDF
Jammu & Kashmir Bank announced Q2FY23 results: Bank’s net profit is 119% up YoY at Rs. 243.49 crore in September Quarter of current financial year when compared to Rs 111.09 crore recorded for the corresponding quarter previous year, while as, its half-yearly (H1) profit rose 90% to Rs 409.46 crore from Rs 215.41 crore recorded for H1 last year. The Bank’s Net Interest Income (NII) is up 24% YoY at Rs 1204.12 crore for the September quarter and 15% up at Rs 2238.35 crore for the half year compared to corresponding periods of previous year, while the Operating Profit rose YoY by 56% and 29% for respective periods. The Bank’s NIM has also improved to 4.04% against 3.51% recorded for the corresponding quarter last year, while as the Return on Assets has improved to 0.71% for the quarter and 0.62% for the HY. The Bank’s steadily moderating cost-to-income ratio has also come down to 64.19% for the Q2 from the above 70% levels recorded last year. Commenting on the Bank’s healthy growth, MD & CEO Baldev Prakash said, “Along with markedly improved bottom-line, our Q2 numbers do reflect Bank’s ability to deliver on its commitments and to improve upon all its key financial indicators necessary to redirect its focus on realizing the short-term business goal of Rs 2.2 Lac Cr by the end of current fiscal.” “While setting right tone for the future course of our action, I see these numbers heralding a new era of productivity and growth for the Bank and all its stakeholders”, he added. Result PDF