J&K Bank reports a 27% rise in Q1 net profit to Rs 415 crore, with growth in net interest income, advances, and deposits.
J&K Bank reported a 27% rise in net profit to Rs 415 crore in Q1 of the current financial year, up from Rs 326 crore in the previous year's Q1. Net interest income grew by 7% year-on-year, and the net interest margin increased by 9 basis points quarter-on-quarter. The bank's advances grew by over 13% YoY, while deposits increased by 9% to Rs 132,573.13 crore. The bank's CEO emphasized strong asset quality, a GNPA of below 4%, an NPA coverage ratio of 91.57%, and a continued digital transformation initiative.
July 27, 2024
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