Srinagar: Announcing its highest quarterly profit since January-March quarter of FY 2013-14, J&K Bank on Thursday reported Q4 profits of Rs 315.75 crore, despite the COVID-19 pandemic, while clocking annual profits of Rs 432.12 cr for the Financial Year 2020-21.
The bank declared its Q4 and FY 2020-21 annual results after the Board of Directors approved the numbers in a meeting held here at the bank’s corporate headquarters.
In one of the sharpest turnarounds of financials in its history, J&K Bank’s Q-o-Q profit jumped more than four times to Rs 315.75 cr for the fourth quarter of FY 2020-21 from Rs 65.94 cr recorded for the third quarter of the financial year. The bank’s operating income increased by 6% YoY to Rs 4489.77 cr from Rs 4252.59 cr recorded for the corresponding period last year.
The operating profit of the bank for the financial year is up by 6% YoY to Rs 1611.23 cr as against Rs 1525.05 cr recorded on March 31, 2020, while as the Net Interest Income has increased to Rs 3770.78 cr from Rs 3706.67 cr. The Net Interest Margin (NIM) for the reviewed financial year is 3.64%.
Boosted by the contribution by the treasury operations, the bank’s other income increased from Rs 546 cr in FY 19-20 to Rs 719 cr in FY 20-21, registering a YoY growth of 32%.
“It is really an outstanding turnaround in numbers amid the devastating impact of the second-wave of COVID-19 pandemic across the country. We have successfully braved the challenges with our steely resolve, prudent balance-sheet management and effective guidance from our Directors on Board. The numbers, especially of Q4 results, are very encouraging and will generate a long-term organisational momentum for the steady growth of business while cementing our collective resolve to march ahead and implement the government’s vision of self-reliant, entrepreneur-friendly and socially-inclusive economy,” commented the bank’s chairman and Managing Director, RK Chhibber.

KR Desk