JK Bank Pockets Rs 215.41 Cr Profit In Six Months

SRINAGAR: JK Bank’s first half-year profit for the current fiscal is at RS Rs 215.41 crore. For the second quarter, it posted Rs 111.09 crore profit, which is almost triple if compared to the last year’s Q2.

In the quarter ending September 2021, the bank’s net interest income rose to Rs 973.14 crore, according to the audited accounts approved by the bank board.

The bank’s cost of funds during the half-year has come down to 3.78 per cent from 4.31 per cent in the Q2 of the last fiscal.

Bank’s asset-quality is reported to be stable as net NPA’s of the Bank as a percentage to net Advances ratio stood at 3.02 per cent while as the Bank’s gross NPA ratio has improved by 74 basis points in sequential terms to 8.95 per cent from 9.69 per cent recorded for earlier quarter. The Provision Coverage Ratio (PCR) of the Bank increased by 117 basis points to reach 81.57 per cent. Bank’s provisions for bad loans and contingencies for the reported quarter, however, have fell to Rs 192.68 crore, as against Rs 324.92 crore in same period a year ago.

Bank’s Return on Assets (RoA) has risen sharply on a YoY basis from 0.16 per cent to 0.38 per cent while the Return on Equity (RoE) has more than doubled to 6.98 per cent from 3.23 per cent.

The net advances from the bank stood at Rs 68341.84 crore at the end of Q2 as the deposits have reached Rs 106267.35 crore. The CASA figure stands at 55.34 per cent. Jammu and Kashmir contribute 88 per cent to its deposits and 72 v to its loan book.

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