Jammu & Kashmir Bank Limited (J&K Bank) has announced its financial results for the quarter ended March 2024, showcasing impressive growth in both profit and net interest income. The bank's net profit surged by 34.1% to ₹638.7 crore in Q4 FY24 compared to ₹476.3 crore in the corresponding quarter of the previous fiscal year. This growth was driven by a 4.5% increase in net interest income (NII), which reached ₹1,306.1 crore in Q4 FY24 compared to ₹1,249.5 crore in the same period last year.

Key Highlights:

Profit Growth: J&K Bank's net profit for Q4 FY24 jumped by 34.1% to ₹638.7 crore, demonstrating the bank's strong financial performance.

NII Growth: Net interest income (NII) rose by 4.5% to ₹1,306.1 crore in Q4 FY24, indicating healthy growth in the bank's core business.

Improved Asset Quality: The bank's asset quality improved, with gross NPA declining to 4.84% in Q4 FY24 from 4.08% in Q3 FY24. Net NPA also improved to 0.79% from 0.83% during the same period.

Share Price Performance:

J&K Bank's stock closed at ₹139.40 on Friday, up 0.54% for the day. The stock's 52-week high is ₹152.50, and it has gained 143.71% in the past year. Jammu & Kashmir Bank Limited (J&K Bank) is an Indian private sector bank headquartered in Srinagar.