Exclusive | Baldev Prakash, MD & CEO, J&K Bank

J&K Bank reported a remarkable 96% year-on-year (YoY) surge in net profit for the first quarter of the current financial year (Q1FY24), reaching Rs 326.67 crore compared to Rs 166.18 crore in Q1FY23, as disclosed in a BSE filing. Additionally, the capital adequacy ratio for Q1FY24 increased to 14.87%, a notable improvement from 13.01% in the same period last year. In Q1FY24, the gross non-performing assets (NPAs) to gross advances ratio saw a significant decrease to 5.77%, down from 9.09% in the corresponding period of the previous year. Gross NPAs for Q1FY24 amounted to Rs 5,103.68 crore, showing a decline from Rs 6,982.02 crore in the same period of the previous year.