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Jammu and Kashmir (J&K) Bank reported a 28.8 per cent quarter-on-quarter rise in net profit to ₹546.36 crore for the July-September quarter, while profit increased 10.6 per cent year-on-year (y-o-y), supported by higher other income and improved asset quality.

Net profit stood at ₹424.18 crore in the April-June quarter and ₹494.11 crore in the year-earlier period.

Net interest income, the difference between interest earned and paid, rose 5 per cent y-o-y to ₹1,502 crore. Other income more than doubled to ₹314.90 crore from ₹153.76 crore a year earlier.

The bank’s total business grew 19.38 per cent y-o-yr to ₹3.10 lakh crore as of September 30. Gross advances rose 23.72 per cent to ₹1.34 lakh crore, while deposits increased 16.30 per cent to ₹1.77 lakh crore.

Asset quality improved, with the gross non-performing asset (NPA) ratio falling to 2.23 per cent from 3.32 per cent a year earlier and 2.37 per cent in the previous quarter. The net NPA ratio declined to 0.51 per cent from 0.76 per cent a year earlier.

The provision coverage ratio rose to 91.76 per cent at the end of September from 90.53 per cent three months earlier.

Operating profit for the first half of the financial year increased more than 15 per cent y-o-y to ₹1,492 crore. The cost-to-income ratio improved to 56.57 per cent in the September quarter from 60.79 per cent a year earlier.

Return on assets rose to 1.07 per cent, up 20 basis points from the previous quarter.

Managing Director and Chief Executive Amitava Chatterjee said the bank would focus on sustaining core income growth, strengthening deposit relationships and improving recoveries in the second half of the financial year.

The bank’s capital adequacy ratio stood at 16.57 per cent at the end of September, compared with 15.27 per cent a year earlier. J&K Bank aims to expand its total business to ₹5 lakh crore under its Vision 2030 plan, Chatterjee said.

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