The Jammu and Kashmir Bank reported its highest-ever annual profit of Rs 1,767 crore for 2023-24. The bank's total income increased by 10% to Rs 6,029.17 crore from Rs 5,502.09 crore.
"Beating its own highest-ever record of profits, achieved only last year, the net profit surged in fiscal 2023-24 by 48% to achieve its record profit figure of Rs 1,767 crore. The bank will be sharing the historic profits with its shareholders by making the highest dividend payment of around Rs 236.75 crore this year," said Managing Director and CEO Baldev Prakash to news agency PTI.
Managing Director of J&K Bank
Prakash said the bank will be sharing the historic profits with its shareholders by making the highest dividend payment of around Rs 236.75 crore this year. The J&K bank had reported a profit of Rs 1,197 crore last fiscal, which was the highest profit till last year.
Prakash said the bank's asset quality has improved by bringing the gross non-performing assets to a decadal low of 4.08%, while the net non-performing assets to 0.79%. He said on the business growth the bank's total deposits rose 10.44% year-on-year to Rs 1,34,774.89 crore as of March 31, 2024, from Rs 1,22,037.74 crore recorded a year ago.