J&K Bank Q1 net jumps 35% to Rs 246 crore

It registered a 25% jump in operating income to Rs 629 crore from Rs 504 crore a year ago

Mumbai, Aug 7 (PTI) Private sector J&K Bank today reported a 35% jump in net profit at Rs 246.1 crore in the first quarter ended June 30, from Rs 182.29 crore in the same period last fiscal, driven primarily by other income.

The Srinagar-headquartered lender's core net interest income rose 22.60% to Rs 536 crore during the reporting quarter, while the non-interest income component jumped nearly 41% to Rs 421.79 crore, the bank said in a statement here.

It registered a 24.83% jump in operating income to Rs 629.37 crore from Rs 504.20 crore a year ago.

However, the bank saw its net interest margin dip to 3.84% during the quarter from 4.02% in the same period last year.

The share of low-cost current and saving account (Casa) deposits slipped to 38.71% of the total deposit base from 40.40% a year ago.

The bank registered a 25.84% growth in credit at Rs 33,225.3 crore, while deposits were up 23.30% at Rs 53,117.10 crore.

On the asset quality front, the net non-performing asset ratio improved to 0.14% from 0.22% a year ago. Total capital adequacy ratio stood at 13.75% as per Basel-II norms, the statement said.

The bank's scrip today gained 0.66% to close at Rs 940 on the NSE, whose 50-share broader Nifty index ended the session with 1.02% gains. PTI AA BEN RSY DKR

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