Q3FY23 Quarterly Result Announced for Jammu & Kashmir Bank Ltd.
Jammu & Kashmir Bank announced Q3FY23 results: Q3FY23: J&K; Bank Net Profit witnessed a 79% rise YoY to Rs 311.59 crore for the Q3FY23 Quarter of FY23 as against Rs 173.95 crore registered for the same period last financial year. Well on its trajectory to meet annual profitability targets, the bank’s profit for nine months is up 85% to Rs 721.05 crore from Rs 389.36 crore clocked during nine months of the last fiscal. Performance Highlights: The bank’s net interest income (NII) surged by 27% YoY to Rs 1,257.38 crore for the Q3FY23 quarter when compared to Rs 993.30 crore recorded last year, while growing 19% YoY for nine months to Rs 3,495.73 crore The bank’s operating profit grew by 65% YoY to Rs 544.11 crore for Q3FY23. The bank’s NIM has also improved by 54 basis points (bps) YoY to 4.10% - the highest in the last seven years - while as the return on assets rose to 0.92% for the Q3FY23 quarter from 0.57% recorded last year. With a yield on advances improving by 90 bps to 9.34%, the bank’s steadily moderating cost-to-income ratio has come down further to 63.71% for the third quarter. Commenting upon the quarterly growth numbers, MD & CEO Baldev Prakash said, “Driven largely by an improving asset quality through better SMA management and vigorous recoveries, we have achieved a better set of numbers in our December quarter. And we remain committed to sustained improvement in our overall functioning and the operating results as communicated in our financial-year guidelines.” “And with a strict regime of early-warning systems, pro-active monitoring and review mechanisms at all levels coupled with rolling out of timely OTS schemes, we are confident of reducing our gross NPAs to around 6% by the end of fiscal”, he added. Result PDF23-01-2023