JAMMU & KASHMIR BANK Q4 RESULTS 2024: BANK ACHIEVES RECORD PROFIT IN FY 2023-24; DIVIDEND ANNOUNCED

Jammu and Kashmir Bank has achieved a historic milestone by recording its highest-ever annual net profit of Rs 1767 crore for the fiscal year 2023-24, marking a significant 48 per cent increase from the previous year's high of Rs 1197 crore.

The bank's performance was announced alongside the declaration of its annual and Q4 results following the approval by its Board of Directors at a meeting held at the Bank's Corporate Headquarters in Srinagar.

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In a move to share its historic profits with shareholders, the bank has decided to distribute its highest dividend payment yet. The Board of Directors recommended a final dividend of Rs. 2.15 per share of Face Value Re 1.00 for its shareholders.

As per the bank's filing on the NSE, "the Board of Directors in their meeting held today i.e., 04th May, 2024 has recommended a dividend of Rs. 2.15 per equity share of Re. 1/- each fully paid up (215%) for the financial year ended March 31, 2024, subject to the approval of the shareholders at the ensuing Annual General Meeting (“AGM”) of the Bank."

For the Q4FY23-24, J&K Bank's net profit also witnessed a substantial increase, soaring by 34 per cent to Rs 638.67 crore compared to Rs 476.33 crore recorded in the previous financial year. This quarterly profit marks yet another historic high for the bank.

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The bank's outstanding performance is reflected in its key metrics, including a robust net interest margin (NIM) of 3.92 per cent, a capital adequacy ratio (CAR) exceeding 15 per cent, gross non-performing assets (NPA) at around 4 per cent, and net NPA below 1 per cent. These metrics underscore the bank's strong operating results, reinforcing its financial soundness and resilience.

Moreover, the bank's total revenue surpassed the Rs 12000 crore mark, witnessing a remarkable 19 per cent growth. The yield on advances rose annually to 9.54 per cent from 8.91 per cent, while the Return on Assets (RoA) reached healthy levels at 1.22 per cent, crossing the 1 per cent barrier after a decade.

2024-05-05T08:39:28Z dg43tfdfdgfd