J&K Bank's Q3 Profits Soar 35% To Rs 421 Cr

Jammu and Kashmir Bank reported a robust performance in the December quarter (Q3FY24), with a significant increase of over 35 per cent in profit, reaching Rs 421 crore compared to Rs 311.6 crore in the same quarter of the previous year (Q3FY23).

The bank's Net Interest Income (NII), representing the difference between interest earned and interest expended, witnessed a substantial growth of 1.8 per cent, reaching Rs 1,280.4 crore in Q3FY24, up from Rs 1,257.4 crore in the corresponding quarter a year ago.

J&K Bank demonstrated improvement in its Gross Non-performing Assets (GNPAs), which decreased by 6.2 per cent to Rs 4,528.5 crore in the December quarter, as opposed to Rs 4,826.7 crore in the preceding quarter (Q2FY24).

Concurrently, the Net Non-performing Assets (NNPA) showed a sequential decrease of 19.2 per cent, amounting to Rs 740.8 crore in Q3FY24, down from Rs 917.4 crore in Q2FY24.

Despite these positive financial indicators, the market response was somewhat subdued, with J&K Bank's shares closing 3.54% lower at Rs 132.15 per share on January 20, when the market concluded.