JK Bank Reports Higher Deposit Growth In Q3

(MENAFN- Kashmir Observer) Srinagar – J&K bank on Monday reported higher deposit growth compared to its advances in the third quarter ended December 2024.

The lender reported a 9.65 per cent rise in total deposits to Rs 1.40 lakh crore against Rs 1.28 lakh crore at the end of the third quarter of the previous financial year.

However, the loan growth was lower at 5.98 per cent to Rs 99,134 crore against Rs 93,538 crore in the third quarter of the previous fiscal.

Jammu & Kashmir (J&K) Bank's total deposits increased 9.65% to Rs 1,40,947.81 crore as of 31st December 2024 as compared with Rs 1,28,542.47 crore as of 31st December 2023.

Total business stood at Rs 2,36,987.48 crore as of 31st December 2024, up 8.56% as compared with Rs 2,18,294.83 crore as of 31st December 2023.

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CASA Deposits rose 4.39% YoY to Rs 67,888.01 crore as of 31st December 2024. CASA was at 48.17% as of 31st December 2024 as against 50.59% as of 31st December 2023.

Gross advances increased 5.98% to Rs 99,134.05 crore as of 31st December 2024 as compared with Rs 93,538 crore as of 31st December 2023.

Gross investment jumped 26.97% to Rs 41,394.29 crore as of 31st December 2024 as compared with Rs 32,602.59 crore as of 31st December 2023.

Jammu & Kashmir Bank is a private sector scheduled commercial bank. The banks standalone net profit jumped 44.6% to Rs 550.92 crore on 15.7% increase in total income to Rs 3,419.63 crore in Q2 FY25 over Q2 FY24.

The scrip declined 3.13% to Rs 97.55 on the BSE.

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