Latest news with #AmitavaChatterjee
Business Standard
06-05-2025
- Business
- Business Standard
J&K Bank slides as Q4 PAT dips 8% YoY to Rs 585 crore
Jammu & Kashmir Bank declined 1.79% to Rs 94.68 after the company reported 8.47% decline in net profit to Rs 584.54 crore in Q4 FY25, compared with Rs 638.67 crore in Q4 FY24. However, total income jumped 15.35% year on year to Rs 3,616.16 crore in Q4 FY25. The banks net interest income (NII) grew 11.34 % YoY to Rs 5,793.82 crore while the net interest margin (NIM) stood at 3.92% in Q4 FY25. Operating profit grew by 28.7% YoY to Rs 2,929.79 crore for the March 2025. J&K banks total deposits increased by 10.24% YoY to Rs 1,48,569.46 crore as 31 of March 2025, compared to Rs 1,34,774.89 crore posted in Q4 FY24. The net advances rose to Rs 1,04,198.72 crore, registering a growth of 11.13% from Rs 93,762.51 crore posted a year ago. The banks CASA ratio stood at 47.01%, maintaining a healthy share of low-cost deposits in the overall mix. The bank's gross non-performing assets (NPAs) stood at Rs 3,604.84 crore as of 31 March 2025, as against Rs 3,956.19 crore as of 31 March 2024 and Rs 4,041.01 crore as of 31 December 2024. The ratio of gross NPAs to gross advances stood at 3.37% as of 31 March 2025, as against 4.08% as of 31 March 2024 and 4.08% as of 31 December 2024. The ratio of net NPAs to net advances stood at 0.79% as of 31 March 2025, as against 0.79% as of 31 March 2024 and 0.94% as of 31 December 2024. Amitava Chatterjee, Managing Director & CEO, said, We are delighted to present yet another record-breaking performance with our all-time high net profit of Rs 2,082 crore, while maintaining NIM at 3.92%, despite industry-wide pressure on margins owing to the rising cost of deposits. Achieving a hat-trick of historic profits over the past three years reflects the trust our customers place in us, the dedication of our staff, and the strategic direction laid out by the leadership team. With our core fortified and transformation underway, we are prepared to scale up growth operations in high-potential geographies and deepen our presence in core markets, especially in J&K and Ladakh. Going forward, we aim to maintain this growth momentum with increased emphasis on retail, MSME, and agriculture lending, while accelerating our digital transformation to further enhance customer experience. Crossing the Rs 1 lakh crore marks in advances is a significant milestone. The Banks business performance reflects resilience and adaptability. Despite competitive pressures, we have maintained a CASA ratio of 47% among the best in the industry. This, along with double-digit growth in advances and deposits, signifies the growing trust and strong relationships we enjoy with our customer base across the country. With our planned expansion in high-growth markets, we are well-positioned to capture emerging opportunities in the current financial year. Our HR strategy focuses on talent transformation. By reskilling and upskilling our staff, we are creating a future-ready workforce aligned with the evolving business and organizational needs of the Bank. Meanwhile, the board of directors has recommended a dividend of Rs 2.15 per equity share of Rs 1 each fully paid for the financial year ended 31 March 2025, subject to the approval of the shareholders at the ensuing annual general meeting (AGM) of the bank. J&K Bank offers banking services under the three major divisions of support services, depository services, and third-party services.
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Business Standard
06-05-2025
- Business
- Business Standard
J&K Bank aims to cross ₹5,000 cr profit mark by 2030: MD & CEO Chatterjee
Jammu and Kashmir Bank, which crossed the Rs 2,000-crore profit mark in fiscal year 2024-25, aims to cross the Rs 5,000 crore profit milestone by 2030, its Managing Director and CEO Amitava Chatterjee has said. Chatterjee emphasized on the need for the bank to focus more on supporting the agriculture sector, while expanding its footprints in the rest of the country as part of its diversification plan. "The vision or aspiration of the bank is to cross Rs 5,000 crore profit by 2030. So that will be our way forward. Yes, we have increased the net profit by Rs 300-400 crore in the last fiscal. Obviously we would like to increase it by Rs 500 crore next year, but the ultimate vision is to cross Rs 5,000 crore by 2030," Chatterjee told PTI. He said the bank has been raising the bar each passing year by posting record profits for the past three financial years. For the full 2024-25 fiscal, the bank reported nearly an 18 per cent rise in net profit to Rs 2,082.46 crore, compared to Rs 1,767.27 crore reported for FY 2023-24. Chatterjee said, the bank is one of the main pillars of supporting the local economy, besides the government. "We need to continuously support the local economy and we need to support the agriculture sector much more than what we have been able to do in the past," he said, adding "on the agriculture front, we are now focusing more on investment credit". Commenting on the revision of MSME criteria, he said it is likely that the Jammu and Kashmir region will come up with new units in the small and medium sector. "There is another very good scheme, YUVA, being introduced by the government. It also gives us a very good opportunity to support 3.5 lakh youth of the region to get into some new kind of a business. Within this state, we are well placed to support the people and we are going to do that," he noted. Chatterjee said, while the bank has a strong presence in Jammu and Kashmir and Ladakh Union territories, it has a significant presence in the rest of the country as well. "... We are present in 20 other states of the country. This gives us an opportunity of diversification. While we are very focused and positive in our growth strategy in the two union territories, we will also try to diversify our portfolio to the other parts of the country," he said.
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Business Standard
05-05-2025
- Business
- Business Standard
Jammu & Kashmir Bank Q4 results: Net profit drops 8% to ₹584.54 crore
Jammu & Kashmir Bank on Monday reported over 8 per cent decline in net profit to Rs 584.54 crore for the January-March quarter of 2024-25 compared to Rs 638.67 crore in the year-ago period. On a sequential basis, net profit rose by 10 per cent compared to Rs 531.51 crore in the previous December quarter of FY 2024-25, according to an exchange filing by the bank. Total income of the bank rose by 15 per cent to Rs 3,616.16 crore in the fourth quarter of the last fiscal compared to Rs 3,134.74 crore in the same quarter of the previous year. The bank reported a total income of Rs 3,448.40 crore in the December quarter. Total expenses rose to Rs 2,816.14 crore in the March quarter from Rs 2,470.91 crore in the year-ago period due to high employee expenses. For the full 2024-25 fiscal, the bank reported a nearly 18 per cent rise in net profit to Rs 2,082.46 crore compared to Rs 1,767.27 crore reported for FY 2023-24. "The bank again for the third year in succession has posted very good profits. I start with the profits because that's one thing that everyone wants to know. We have crossed the Rs 2,000 crore profit mark this fiscal. Apart from the profit, as the guidance of the bank has been, we have posted double-digit growth in both advances and deposits, and we have also posted robust other income, non-interest income," J&K Bank MD & CEO Amitava Chatterjee told PTI. He said overall, it has been a very good financial year for the bank. "To top it all, the NPAs have further reduced from 4.08 per cent last year to 3.37 per cent this year. The net NPAs continue to be below one per cent," he said. On the future plans, Chatterjee said the potential of the bank gives it an advantage to grow. "We have a very strong presence in UTs of Jammu and Kashmir & Ladakh. So that gives us an advantage to grow in this geography. But we also have a very strong presence outside this area. In fact we are present in 20 other states of the country. This gives us an opportunity for diversification. "While we are very focused and positive in our growth strategy in Jammu and Kashmir and Ladakh, we will also try to diversify our portfolio to the other parts of the country," he added. Chatterjee said there has been substantial growth which has come from the rest of the country. "I am very positive that going forward we will have a balance of growth. We also have a clear visibility of NPAs. The best part is that the NPAs within JK and Ladakh are pretty low and the creation of fresh NPAs is negligible whether it is here or outside. I believe we will be able to bring the NPAs below three per cent this year, if not more," he said. J&K Bank's total deposits increased by 10.24 per cent YoY to Rs 1.48 lakh crore (Rs 1,48,569.46 crore) as on March 31, 2025, compared to Rs 1,34,774.89 crore last year. The Net Advances rose to Rs 1,04,198.72 crore, registering a growth of 11.13 per cent from Rs 93,762.51 crore a year ago. The Bank's CASA Ratio stood at 47.01 per cent, maintaining a healthy share of low-cost deposits in the overall mix.
Time of India
05-05-2025
- Business
- Time of India
Pahalgam terror attack not to hit J&K Bank: CEO Amitava Chatterjee
The terror attack on tourists in Pahalgam that killed 26 people might affect the local economy but it will not have much impact on Jammu and Kashmir Bank as the lender's exposure to the tourism industry is around one per cent of the total portfolio, MD & CEO of the bank Amitava Chatterjee said on Monday. "It is a matter of prudence that we have already done this assessment. One part of it is the direct impact. The total exposure related to the tourism industry in Jammu and Kashmir is just one per cent of our total portfolio. "The direct impact will be nominal, even if it is there," Chatterjee told PTI. He said it has been witnessed in the past as well that people in Jammu and Kashmir and Ladakh generally do not want to default on their loans. "We have seen this happen in the past and the impact has not been much. During the days, when tourism was not that strongly influencing the economy of this geography, the highest level of stress that we had was 14 per cent. "And within a span of two to three years it came down to two to three per cent. So, the resilience of this sector is always there. I don't think there will be any direct impact, even if it is there. It may be for the economy. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Click Here - This Might Save You From Losing Money Expertinspector Click Here Undo "For the indirect impact, we will have to wait and watch as to how much it is going to affect the entire economy of Jammu and Kashmir. That might affect some other sectors which might again affect the bank. As I said earlier, the overall NPA in this region is very low. So I believe the resilience shown by the citizens of this territory and the propensity to repay loan is very high. General people do not want to default," he added. Jammu & Kashmir Bank on Monday reported over 8 per cent decline in net profit to Rs 584.54 crore for the January-March quarter of 2024-25 compared to Rs 638.67 crore in the year-ago period. On a sequential basis, its net profit rose by 10 per cent compared to Rs 531.51 crore in the previous December quarter of FY 2024-25, according to an exchange filing by the bank. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
23-04-2025
- Business
- Time of India
Shares of J&K Bank fall most after Pahalgam terror attack
MUMBAI: Jammu and Kashmir Bank was the biggest loser on the bourses on Wednesday, with its stock falling 0% to close at Rs 103. The decline followed the killing of 26 tourists by terrorists in Pahalgam during the peak travel season, which led to many visitors cutting short their trips. The bank, which is primarily owned by the state govt, operates 1,012 branches, with 837 located in the Union Territory of J&K, 37 in Ladakh, and 138 across 20 other states and UTs. The region generates a significant portion of its revenue from tourism. During an investor call for the third quarter, Amitava Chatterjee, the newly appointed MD of the bank, said the J&K Tourism Department had declared 2024 as one of the best tourist seasons in the valley's history. 'The UT of J&K welcomed 2.35 crore tourists in 2024, with an extraordinary 300% increase in foreign tourist arrivals over the past two and a half years,' he said. He added that the inauguration of the Z-Morh tunnel would enable winter tourism in Sonamarg, and plans were underway to develop four new destinations — Kokernag, Doodhpathri, Bhadarwah and Baradari — with tourist infrastructure. This initiative is a joint venture involving the World Bank, the J&K govt, and the Centre. 'These developments will further boost tourism in the UT and contribute to the region's economic transformation, with tourism being the second main industry after horticulture,' he said. Stay informed with the latest business news, updates on bank holidays and public holidays . Master Value & Valuation with ET! Learn to invest smartly & decode financials. Limited seats at 33% off – Enroll now!
