Also Read: J&K Bank Q2 Update: Loans, deposits, investment grew from last year
In addition, the board approved raising up to ₹500 crore via non-convertible, redeemable, unsecured, Basel III-compliant Tier 2 bonds. The issuance will be executed on a private placement basis and will also require regulatory clearances.Second Quarter Results
Jammu and Kashmir Bank said its net profit fell 11% to ₹494.11 crore in the July-September quarter of the current financial year, while earnings for the first half increased slightly to ₹978.95 crore.
While maintaining higher provisioning requirements owing to regulatory compliance, J&K Bank logged a net profit of ₹494.11 crore in the second quarter of the current financial year, remaining well on course to meet its annual market guidance.Also Read: J&K Bank Q1 Results | Net profit surges 17% to ₹485 crore; asset quality improves
Its net profit for the first half increased to Rs 978.95 crore compared to ₹966.41 crore recorded in the same period of the last financial year. The bank had earned a net profit of ₹551 crore in the July-September period of the preceding fiscal.
Total income rose to ₹3,447 crore in the quarter under review from ₹3,420 crore in the same period a year ago, J&K Bank said in a regulatory filing. Reflecting steady core operations, the bank’s net interest income (NII) for H1 was marginally up by 3.4% year-on-year at ₹2,899.43 crore, while for Q2, NII stood at ₹1,433.99 crore.
In line with its market guidance, the bank maintained its NIM at 3.64% during H1. The bank’s other income for H1 was at ₹405.19 crore, while the cost-to-income ratio for the half year stood at 60.80%.
Shares of Jammu and Kashmir Bank Ltd ended at ₹106.40, up by ₹1.20, or 1.14%, on the BSE.
Also Read: J&K Bank confident of 12% credit growth, to maintain margins above 3.6%, says CEO Amitava Chatterjee
