J&K Bank Q3 Results: Profit jumps 26% to Rs 532 crore

J&K Bank on Monday reported a 26% year-on-year rise in net profit Rs 532 crore for the December 2024 quarter as compared with Rs 421 crore in the year ago period.

The bank’s net interest margin for the quarter stood at 4.04%, up 14 basis points quarter-on-quarter.

Operating profit was 36% higher at Rs 748 crore against Rs 551 crore for the same period. Net interest income grew 17.8% year-on-year at Rs 1509 crore while other income for the quarter surged 33% at Rs 242 crore.

“These Q3 results reaffirm our strong fundamentals and operational efficiency,” managing director Amitava Chatterjee was quoted as saying in a statement issued by the company.

The Jammu-headquartered bank’s gross NPA ratio declined to 4.08% at the end of December from 4.84% a year back. Net NPA stood at 0.94% while the provision coverage ratio was at 89.67%.

Its net advances increased by 7% year-on-year to Rs 95990 crore. Deposits grew 9.7% to Rs 1.41 lakh crore with the current and savings accounts ratio to total deposits being at 48.17%

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