JK Bank records highest-ever net annual profit of Rs 1,197 crore in FY23

Jammu and Kashmir Bank has announced its highest-ever net annual profit of Rs 1,197 crore in the results for the financial year 2022-23.

With a decade-high capital adequacy ratio of 15.39 per cent and NPAs at an eight-year low of 6.04 per cent, the bank also recorded its highest-ever quarterly profit of Rs 476 crore in the last quarter.

"Jammu and Kashmir Bank has recorded Rs 1,197 crore as net profit for FY 2022-23 which is the highest ever annual profit," a bank spokesperson said.

"The bank's gross and net NPA as percentages to gross and net advances improved considerably to 6.04 per cent and 1.62 per cent respectively, compared to 8.67 per cent and 2.49 per cent recorded last year."

The growth of advances outpaced the increase in deposits.

While advances grew by 17 per cent to 82,285 crore, deposits increased by around 6 per cent to Rs 1,22,038 crore.

"It is a great feeling to deliver better-than-promised annual numbers. Looking back to March 2022 with these set of numbers, I see an unmistakable shift in performance, as well as the functioning of the bank," Managing Director and CEO Baldev Prakash said.

He said after revamping the business strategy to reduce concentration risk, the loan book in return on investment has grown by more than 20 per cent during 2022-23.

"While making our balance sheet stronger on a daily basis, we have now entered into a progressive phase wherein business growth coupled with process excellence is all set to yield better returns to all stakeholders of the bank," Prakash added.