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Jammu and Kashmir Bank has announced its highest-ever net annual profit of Rs 1,197 crore in the results for the financial year 2022-23.
With a decade-high capital adequacy ratio of 15.39 per cent and NPAs at an eight-year low of 6.04 per cent, the bank also recorded its highest-ever quarterly profit of Rs 476 crore in the last quarter.
“Jammu and Kashmir Bank has recorded Rs 1,197 crore as net profit for FY 2022-23 which is the highest ever annual profit,” a bank spokesperson said.
The growth of advances outpaced the increase in deposits.
While advances grew by 17 per cent to 82,285 crore, deposits increased by around 6 per cent to Rs 1,22,038 crore.
He said after revamping the business strategy to reduce concentration risk, the loan book in return on investment has grown by more than 20 per cent during 2022-23.