Jammu and Kashmir Bank Sets New Benchmark with Record Annual Profit of Rs 1,767 Crore in Fiscal Year 2023-24
In a remarkable achievement, Jammu and Kashmir Bank announced a record annual profit of Rs 1,767 crore in the fiscal year 2023-24. This represents a substantial 48% increase in net profit compared to the previous year, signaling a strong financial performance by the bank.
As a testament to its success, the bank will be distributing a record dividend of approximately Rs 236.75 crore to its shareholders, further enhancing investor confidence. The total income for the bank also saw a healthy growth, with a 10% increase to reach Rs 6,029.17 crore.
Moreover, the bank’s asset quality exhibited improvement, with gross non-performing assets standing at 4.08% and net non-performing assets at 0.79%. The provision coverage ratio, a key indicator of financial health, stood impressively high at 91.58%.
Highlighting its robust operational performance, total deposits for the bank surged by 10.44% year-on-year to reach Rs 1,34,774.89 crore. Net advances also experienced significant growth, increasing by 14% to Rs 93,762.51 crore in Q4 FY2023-24.
These financial results underscore the bank’s dedication to prudent provisioning and risk management strategies, showcasing its commitment to maintaining a strong and stable financial position.
The successful year for Jammu and Kashmir Bank not only bodes well for its shareholders but also reflects positively on its investors. The bank’s effective financial management and strategic planning have played a pivotal role in achieving such commendable results, paving the way for a promising future ahead.
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