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 <p>SRINAGAR: J&K Bank's net profit has witnessed a strong increase of 164% year-on-year in the December quarter of FY2021-22.  The bank declared this after its Board of Directors reviewed and approved the figures for the third quarter and the nine months ended December 31, 2021 at a meeting held today at the Bank's Zonal Office in Gurgaon, New Delhi.</p>
 <p>Profit has more than doubled year-on-year to Rs 173.95 Cr from Rs 65.94 Cr recorded in the third quarter of the last fiscal year, while in aggregate terms the bank has made Rs 389.36 Cr in net profit for nine months, which represents 235%.  versus Rs 116.37 Cr recorded for nine months of the last fiscal year.</p>
 <p>The bank's net interest income, or core income, rose 3% over nine months year-on-year to Rs 2,935.73 Cr from Rs 2,853.36 Cr in the corresponding period last year.  The Net Interest Margin (NIM) has been recorded at a comfortable level of 3.67% (annualized) at nine months and the Cost of Deposits has decreased by 55 bps to 3.66% from 4.21% recorded last year.</p>
 <p>The Bank's CASA Index continues to be one of the best in the industry with 56.32%.</p>
 <p>Commenting on the growth figures, MD and CEO Baldev Prakash said: “We have seen good growth in earnings year on year.  Our other numbers also represent our performance over the last three quarters of CFY and, building on the steady momentum of the last few quarters, we will definitely improve the numbers further as we consolidate and record our growth numbers for CFY 2021. - 22.”</p>
 <p>The bank's net NPA as a percentage of net advances ratio is 3.02%, while the gross NPA ratio has been recorded at 8.93%.  Providing enough for its bad loans for the quarter ended December 2021, the Bank's Provision Coverage Ratio for the quarter reviewed is 81.45%.</p>
 <p>Regarding the bank's asset quality, the MD&CEO stated: “While we have provided enough for our bad loans on the balance sheet, we have put in place strong institutional measures to restrain further deviations in the future by instituting early warning systems. and proactive.  monitoring mechanisms at all operational levels with monthly reviews.”</p>
 <p>“In addition, we have already initiated a series of measures to reduce our NPAs which include the Bank's Single Settlement Scheme (OTS)-2021 which was launched in the second week of January and is still in vogue.  Going forward, however, quality lending will be the key feature of our business strategy, both in our core area of ​​operations and beyond."  he added.</p>
 <p>The Bank's advances increased from Rs 66,545.32 Cr to Rs 68,365.94 Cr during the quarter under review, while deposits showed a steady 5.3% growth from Rs 103,804.23 Cr to Rs 109,298.40 Cr. , the Bank has witnessed over 10% year-on-year growth in advances in its core area of ​​operations, ie J&K and Ladakh</p>
 <p>Regarding business growth, the MD and CEO said, “With significant enablers such as the UT Government Industrial Policy and concerted initiatives to attract large domestic and foreign investment propositions in sectors such as real estate, horticulture, tourism and healthcare, etc. .  amounting, according to the Government, to around Rs 60,000 Cr;  we foresee further growth prospects for us in the near future.”</p>
 <p>The bank's capital adequacy ratio has further improved year-on-year to 12.38%, which is within BASEL III standards, compared to 11.77% as of December 31, 2020.</p>
 <p>"While comfortably protected today, Bankis is accelerating its capital raising plans (QIPs and FPOs) to further strengthen its capital position in the near future."  said the MD&CEO.</p>
 <p>Giving a glimpse of his vision for the Bank on the occasion, MD and CEO Baldev Prakash said: “I believe that despite being market leaders in J&K and Ladakh, we work in a highly competitive banking ecosystem across the country.  Therefore, the only sustainable growth path to follow is to increase the trust of all our stakeholders by maximizing our value proposition.  Our clients, especially preferred institutional clients, should feel comfortable doing business with us in a highly visible way across the full range of our banking services, which should be of the highest quality, efficient and consistent.”</p>
 <p>“Towards that direction, a comprehensive review of the Bank's business strategy is underway and we are in the process of reworking our business plans both for our home territory and beyond to optimize future results in line with future business objectives. Bank's long term.  We will also focus on taking advantage of the digital dynamics to combine the convenience of the client in general with the commercial imperatives of the Bank”, he said and added: “The Bank has designed strategic and short-term plans to improve its performance by improving its net interest rate. .  revenue, increasing its digital footprint and offerings, embracing business process reengineering to improve employee efficiency and productivity.”</p>
 <p>On the occasion, MD & CEO expressed his gratitude to the Government of UT for its uninterrupted support and thanked the Directors of the Bank's Board of Directors for their effective guidance and supervision.  He thanked all Bank staff for their great talent, dedication and expressed his confidence that, in addition to meeting the Bank's business objectives, the entire J&K Bank Family will carry forward the Government's vision of making Jammu and Kashmir a socially inclusive and financially empowered in a professional manner.</p>
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