Carrying forward the annual-performance momentum, J&K Bank net profit rose 48% Quarter-on-Quarter (QoQ) and 59% Year-on-Year (YoY) to Rs 165.97 Cr for the first quarter (Q1) of FY 2022-23, when compared to Rs 112.20 Cr and Rs 104.32 Cr recorded for the fourth and first quarter of the last financial year respectively.
The Bank announced its Q1results today after the Bank’s Board of Directors approved the quarterly numbers in a meeting held here at the Bank’s Corporate Headquarters.
Performance Highlights
Witnessing 6-times jump in sequential terms, the Banks operating profit sharply rose to Rs 381.45 Cr from Rs 62.21 Cr registered during the fourth quarter of last financial year. The Bank’s Cost to Income Ratio for the quarter is at69.17%.
During the quarter, the Bank’s NII rose 6.7% YoY and 6.02 % QoQ to Rs 1034.23 Cr when compared to Rs 969.29 Cr and Rs 975.50 Cr recorded during the first and fourth quarter of the last financial year, while as the Bank’s other-income grew 3% QoQ to Rs 202.94 Cr.The Net Interest Margin (NIM) is 3.46% as against 3.41% recorded on March 31, 2022.
Up by 5.6% sequentially, Bank’s operating income grew by 4% YoY to Rs 1237.17 Cr when compared to Rs 1190.30 Cr recorded on June 30, 2021.
Commenting upon the Bank’s results, MD & CEO Baldev Prakash said, “Despite migration hassles due to technology upgradation to Finacle 10, the Q1 numbers are good and have provided the much needed impetus to achieve business goals in coming quarters. The performance on operational parameters has been encouraging and the slightly moderated Cost to Income Ratio is quite a bit of relief after hovering well above the 70% levels for 3 consecutive quarters.”