Latest news with #AmitavaChatterjee
Economic Times
4 days ago
- Business
- Economic Times
J&K Bank will diversify loan mix in rest of India for stable growth: MD
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel KOLKATA: Private sector lender Jammu & Kashmir Bank, which has two-third of its business coming from the disruption-prone Kashmir valley, is attempting to diversify the loan mix in rest of India to build stability in business growth with a focus on building the housing and mid-corporate book, managing director Amitava Chatterjee told bank, in which the governments of union territories of Jammu & Kashmir and Ladakh hold a majority share with 59.4% interest, plans to reduce concentration risks."The new MD plans to firmly accelerate the business from rest of India with a clear focus on building the housing and mid-corporate book," Anand Dama, senior research analyst with Emkay Global Financial Services said on brokerage house had a meeting with the bank management to understand its long-term business plan and effect of the recent Pahalgam terror attack on tourists."We do have an aim to reduce the concentration risk and try to have a balanced growth from both the geographies, whether it is the rest of India or Jammu & Kashmir," Chatterjee told analysts in a post-earnings call held last who assumed charge on December 30 last year, said the Pahalgam terror attack had limited impact on its business as exposure to tourism-linked lending was less than 1% of the portfolio, which stood at Rs 1.07 lakh crore at the end of March."While Jammu & Kashmir will continue to receive our attention as it has been through the decades, we will try to balance it out with a better growth from the rest of India and that too not essentially from the corporate loan book," he said last bank is trying to improve retail lending like housing loans and car loans outside Kashmir.
Time of India
4 days ago
- Business
- Time of India
J&K Bank will diversify loan mix in rest of India for stable growth: MD
KOLKATA: Private sector lender Jammu & Kashmir Bank, which has two-third of its business coming from the disruption-prone Kashmir valley, is attempting to diversify the loan mix in rest of India to build stability in business growth with a focus on building the housing and mid-corporate book, managing director Amitava Chatterjee told analysts. The bank, in which the governments of union territories of Jammu & Kashmir and Ladakh hold a majority share with 59.4% interest, plans to reduce concentration risks. "The new MD plans to firmly accelerate the business from rest of India with a clear focus on building the housing and mid-corporate book," Anand Dama, senior research analyst with Emkay Global Financial Services said on Tuesday. The brokerage house had a meeting with the bank management to understand its long-term business plan and effect of the recent Pahalgam terror attack on tourists. "We do have an aim to reduce the concentration risk and try to have a balanced growth from both the geographies, whether it is the rest of India or Jammu & Kashmir," Chatterjee told analysts in a post-earnings call held last month. Live Events Chatterjee, who assumed charge on December 30 last year, said the Pahalgam terror attack had limited impact on its business as exposure to tourism-linked lending was less than 1% of the portfolio, which stood at Rs 1.07 lakh crore at the end of March. "While Jammu & Kashmir will continue to receive our attention as it has been through the decades, we will try to balance it out with a better growth from the rest of India and that too not essentially from the corporate loan book," he said last month. The bank is trying to improve retail lending like housing loans and car loans outside Kashmir.
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.
