Jammu and Kashmir Bank reported a 10.6% rise in net profit to ₹546.36 crore for the second quarter ended September 30, driven by earnings growth and improvement in asset quality. This marks an increase from ₹494.11 crore in the same period last year and a 28.8% surge from ₹424.18 crore in the first quarter of the current fiscal year.

Financial Highlights

The bank's Board of Directors reviewed and approved the quarterly and half-yearly figures at a meeting held at its corporate headquarters on Thursday. Key financial metrics include:

  • Net interest income rose 5% to ₹1,502 crore.
  • Other income more than doubled to ₹314.90 crore from ₹153.76 crore a year ago.
  • For the first half of the current fiscal year, operating expenditure grew 1.5%, while operating profit increased over 15% to ₹1,492 crore.
  • The cost-to-income ratio stood at 56.57% for the quarter, down from 60.79% in the year-ago period.
  • The bank's return on assets jumped 20 basis points sequentially to 1.07%.