J&K Bank Q1 results: Net profit jumps 96%, gross NPA ratio down to 5.77%

J&K Bank saw its net profit of the first quarter for the current financial year (Q1FY24) jump 96 per cent year-on-year (YoY) to Rs 326.67 crore from Rs 166.18 crore in Q1FY23. The company said this in a BSE filing.

The capital adequacy ratio for Q1FY24 rose to 14.87 per cent, as compared to 13.01 per cent over the corresponding period of the previous year.

The gross non-performing assets (NPAs) to gross advances for Q1FY24 declined to 5.77 per cent, as compared to 9.09 per cent in the corresponding period of the previous year. Gross NPAs for Q1FY24 stood at Rs 5,103.68 crore, as compared to Rs 6,982.02 crore in the corresponding period of the previous year.

The net NPA to net advances stood at 1.39 per cent as compared to 3.02 per cent YoY. Net NPA declined by 45 per cent at Rs 1,176.91 crore, as compared to Rs 2,169.08 crore over the corresponding period of the previous year.