J&K Bank Net Profit jumps over 10% YoY for Q3
Srinagar, Jan 20: J&K Bank today announced healthy financial results for the October-December quarter (Q3 FY 25-26), with net profit rising by 18.7% Quarter-on-Quarter and 10.4% year-on-year (YoY) to Rs 586.73 Cr when compared to Rs 531.51 Cr recorded during the same period last fiscal.
The Bank’s Board of Directors approved the numbers for the quarter and nine-months during a meeting held today at the Bank’s Divisional Office in Jammu.
Meanwhile, the Bank’s net profit for the first nine months of current financial year grew 4.5% YoY to Rs 1565.68 Cr as against Rs 1497.92 Cr recorded for the same period last year, reflecting its sustained growth trajectory.
Operating Highlights
The Bank’s Net Interest Margin (NIM) for the quarter has improved to 3.62%, up by 6 bps QoQ. Cost-to-Income Ratio of the Bank improved to 55.88% YoY for the quarter from 57.28%, while as Return on Assets (RoA) for nine-months stood at 1.23%.
The Bank’s operating metrics reflected steady growth, as the Net Interest Income (NII) witnessed 3.8% growth QoQ to Rs 1488.88 Cr, while the Other Income for the quarter surged 15.3% YoY to Rs 279.46 Cr from Rs 242.32 Cr recorded last financial year. The Bank’s Cost of Deposits also declined to 4.69% QoQ from 4.86%.
Commenting upon operating performance, MD & CEO Amitava Chatterjee said, “Despite rate cut, impairment provisioning for Grameen Bank and challenging conditions – particularly the events of April 22, their subsequent impact, and the floods that disrupted the local economy – the Bank remains firmly on track to deliver record profits for the fourth consecutive year.”
“Characterized by robust top-line growth and better asset quality, overall our Q3 performance underscores our strong fundamentals, disciplined execution, and sustained operational efficiency”, MD & CEO added.
