(MENAFN- Kashmir Observer) Srinagar- The Managing Director & CEO of Jammu and Kashmir Bank, Baldev Prakash on Monday said that J&K Bank has achieved remarkable financial growth for the fiscal year 2023-2024.
Prakash made these remarks while addressing a press conference held at the J&K Bank Corporate Headquarters on Monday.
ADVERTISEMENTHe said that the bank has recorded a staggering profit of 1767 crore rupees, marking a significant milestone in its 85-year history.
“I thank the board management and stakeholders for their support in achieving this record-breaking profit. The bank's success is a testament to the dedication and efforts of its staff and stakeholders,” he said.
Addressing concerns about asset quality of the bank, Prakash highlighted substantial improvements made in this area. He acknowledged past challenges, stating that the maximum Non-Performing Assets (NPA) had reached 9.67% in previous years. However, through concerted efforts, borrowers have repaid their debts, resulting in a reduction to 4.08% gross NPA and a net NPA of 0.79%, and aligning the bank with industry benchmarks.
Read Also J&K Bank's Annual Net Soars 48% To Reach Its Highest Ever Profit Of Rs 1767 Cr J&K Bank's MPay Surpasses 1000 Cr Transaction In A Single Day The board has also proposed a generous dividend of 2 rupees and 15 paise per share, reflecting the bank's commitment to rewarding its stakeholders.
Furthermore, Prakash said the J&K Bank has demonstrated robust growth in deposits and advances.
“The deposits have reached an impressive amount of 13,47,75 crore rupees, registering a substantial year-on-year growth of 10.4%. Meanwhile, advances have surpassed the one lakh crore rupee mark for the first time, totaling 1,00,17,78 crore rupees and representing a notable 14% year-on-year growth.”
Highlighting the bank's regional focus, Prakash revealed that 70% of credit is deployed in the union territories of Jammu Kashmir and Ladakh, with the remaining 30% allocated to the rest of India.
“It gives me immense pleasure to inform you that the bank has made significant strides in Corporate Social Responsibility (CSR) endeavors over the past year. We have allocated approximately Rs 19 crore towards CSR initiatives, benefiting various segments of society.”
In addition, the performance of the bank in key financial parameters is commendable.
“Our net interest margin (NIM) stands at 3.92%, which ranks among the best in the industry. Our return on assets (ROA) is at 1.22%, and return on net worth stands at 18%. We have witnessed consistent improvement in these metrics over the past few quarters,” he said.
He also stated that the bank has made notable progress in reducing our cost-to-income ratio, and that the J&K Bank stood at 76% two years ago and decreased to 66% last year. It currently stands at 62%.
“Although this figure remains relatively high, we are committed to further reducing it in the coming years,” he assured.
Prakash said the success that the J&K Bank has achieved is attributed to the dedication of stakeholders, employees and the effective governance of our board.
“I extend my sincere gratitude to all those involved for their contributions to the bank's achievements,” he added.
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