Onlykashmir.in News Desk
Srinagar, Jan 20: Jammu and Kashmir Bank announced a 26.3% year-on-year increase in net profit, reaching ₹531.5 crore for the third quarter ending December 31, 2024, compared to ₹421 crore in the same quarter last year. Net interest income (NII) rose 17.8% to ₹1,508.6 crore, up from ₹1,280.5 crore in the previous fiscal year.
The bank’s gross non-performing assets (NPA) stood at 4.08%, an increase from 3.95% in the September quarter, while net NPA rose to 0.94% from 0.85%. In monetary terms, gross NPA amounted to ₹4,041 crore, up from ₹3,916.3 crore, and net NPA increased to ₹898 crore from ₹813.4 crore quarter-on-quarter.
Jammu & Kashmir Bank also reported an 8.56% year-on-year increase in total business for the third quarter, reaching ₹2.37 lakh crore. Total deposits grew by 9.65% year-on-year to ₹1.41 lakh crore, while gross advances rose 5.89% to ₹99,134 crore. CASA (current account savings account) deposits saw a modest 4.39% year-on-year growth, totaling ₹67,888 crore, though the CASA ratio declined to 48.17%, compared to 50.59% a year ago and 48.6% in the previous quarter.
Additionally, gross investments recorded a significant 26.97% year-on-year increase, totaling ₹41,394.3 crore. The bank attributed this growth to robust performance across key segments and a strategic focus on asset quality and customer engagement.
