Jammu and Kashmir Bank on Monday said its December quarter net profit rose 79 per cent to Rs 311.59 crore.
The net profit rose to Rs 311.59 crore as against Rs 173.95 crore registered for the same period last fiscal, a bank spokesperson said during its December quarter results announcement.
The bank was well on its trajectory to meet annual profitability targets, the spokesperson added.
"The bank's profit for nine months is up 85 per cent to Rs 721.05 crore from Rs 389.36 crore clocked during nine months of the last fiscal," he said.
Its Net Interest Income (NII) increased 27 per cent to Rs 1,257.38 crore for the October-December quarter as compared to Rs 993.30 crore reported previous year. It posted a growth of 19 per cent Year-on-Year (Y-o-Y) for nine months to Rs 3,495.73 crore.
The bank's operating profit grew 65 per cent Y-o-Y to Rs 544.11 crore during the quarter under review.
Hizbul chief's son, wife of 'Bitta Karate' among 4 sacked by JK admin
Adhir Ranjan Chowdhury seeks discussion in parliament on Jammu-Kashmir
Jammu and Kashmir's Srinagar likely to host G20 event: Govt official
Hybrid terrorist, one helper arrested in Jammu and Kashmir's Sopore
Shah reviews BJP's preparations for Jammu-Kashmir poll in a party meeting
RBI orders SBM Bank to stop transactions under remittance scheme
Need to create specialised SME digital bank: Co-founder of Biz2Credit
Banks get time till Dec 31 to execute revised agreement with locker holders
ICICI Bank, RBL, Axis, IDFC First raise deposit rates to meet credit growth
Tamilnad Mercantile Bank posts Q3 net of Rs 279 cr; income at Rs 1,172 cr
"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.
"We remain committed to sustained improvement in our overall functioning and the operating results as communicated in our financial-year guidelines," its MD and CEO Baldev Prakash said.
The Gross NPA Ratio of the bank further came down 168 basis points YoY and 42 basis points Quarter-on-Quarter (QoQ) to 7.25 per cent for the third quarter of FY23.
Meanwhile, the bank's net advances were up 14 per cent YoY and 4 per cent QoQ to Rs 77,639 crore during the period under review. Deposits have grown 8 per cent from Rs 1,09,298 crore to Rs 1,17,935 crore.
However, the bank witnessed 21 per cent YoY growth in advances in its operational geographies across Rest-of-India (RoI).
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)