Jammu & Kashmir Bank Q2 Results: Net profit Jumps 57% To Rs 381 Cr

Jammu and Kashmir Bank reported a robust 56.5 per cent year-on-year (YoY) surge in net profit, reaching Rs 381.1 crore for the second quarter ending on 30 September 2023. In the corresponding quarter of the previous year, the bank disclosed a net profit of Rs 243.5 crore, as stated in a regulatory filing.

The bank's Net Interest Income (NII), which signifies the variance between interest income from lending activities and interest paid to depositors, showed significant growth of 10.8 per cent, totaling Rs 1,333.8 crore compared to Rs 1,204.2 crore in the corresponding quarter of FY23.

Regarding asset quality, the gross non-performing asset (GNPA) rate for the September quarter was reported at 5.26 per cent, a reduction from the 5.77 per cent recorded in the June quarter. The net non-performing asset (NPA) rate was noted at 1.04 per cent, a decline from 1.39 per cent in the previous quarter.

In monetary terms, the gross NPA stood at Rs 4,826.7 crore, down from Rs 5,103.7 crore in the previous quarter. The net NPA amounted to Rs 917.4 crore, decreasing from Rs 1,176.9 crore quarter-on-quarter.

These financial results were released after the close of the market hours. The shares of Jammu and Kashmir Bank concluded at Rs 106.75, reflecting a decrease of Rs 5.30, or 4.73 per cent, on the BSE.