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The bank earned ₹494.11 crore net profit in the year-ago period.

Quarter-on-quarter (q-o-q), its profits surged 28.8 per cent from ₹424.18 crore in the first quarter of the current fiscal year, a bank spokesperson said.

The bank announced the financial results after its Board of Directors reviewed and approved the quarterly and half-yearly figures at a meeting held at its corporate headquarters here on Thursday.

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Its net interest income rose 5 per cent during the quarter to ₹1,502 crore. The lender’s other income more than doubled to ₹314.90 crore from ₹153.76 crore a year ago.

For the first half of the current fiscal year, the bank’s operating expenditure grew 1.5 per cent, and its operating profit rose over 15 per cent to ₹1,492 crore.

The cost-to-income ratio stood at 56.57 per cent for the quarter, up from 60.79 per cent in the year-ago period.

The bank’s return on assets jumped 20 basis points sequentially to 1.07 per cent in the quarter.

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J&K Bank Managing Director and Chief Executive Officer Amitava Chatterjee said, “The growth in net interest income, doubling of other income and over 26 per cent year-on-year (y-o-y) increase in operating profit for this quarter mark an encouraging strengthening of our earnings performance. The recovery in return on assets to above 1 per cent further underlines the improvement over the June quarter.”

In the first quarter, the bank emphasised building its business base and positioning for stronger earnings over time, he added.

“This quarter’s operating performance represents progress in that direction. Our focus for the second half is on sustaining core income growth, strengthening recurring revenue streams and enhancing recoveries, while addressing funding costs through deeper deposit relationships.

“These priorities remain central to delivering our annual objectives and translating business expansion into sustainable profitability,” he added.

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