J&K Bank Q4 Gross Advances Climbs 13% YoY

Jammu & Kashmir Bank disclosed a 12.67 per cent surge in gross advances, reaching Rs 97,072.47 crore as of 31 March 2024, compared to Rs 86,155.64 crore reported on 31 March 2023. The bank's total business expanded by 11.96 per cent year-on-year to Rs 2,28,769.39 crore, with total deposits escalating by 10.44 per cent year-on-year to Rs 1,34,776.73 crore by the end of March 2024.

Current Account Savings Account (CASA) deposits amounted to Rs 68,072.94 crore as of 31 March 2024, reflecting a 3.11 per cent increase compared to the previous year. However, the CASA ratio saw a decline, standing at 50.51 per cent as of 31 March 2024, in contrast to 54.10 per cent reported on 31 March 2023. Jammu & Kashmir Bank, operating as a private sector scheduled commercial bank, reported a noteworthy 35.13 per cent uptick in standalone net profit, reaching Rs 421.08 crore, accompanied by a 14.18 per cent rise in total income to Rs 3,063.30 crore in Q3 FY24 compared to Q3 FY23.

Despite these positive developments, the bank's scrip encountered a 2.27 per cent decline, closing at Rs 135.85 on the BSE.