Jammu and Kashmir Bank has revealed a record-breaking annual net profit of Rs 1,197 crore for the financial year 2022-23. The bank's capital adequacy ratio increased by 15.39%, while the NPAs hit an eight-year low of 6.04%, boosting confidence in the company. Reportedly this fantastic performance is primarily due to the growth of advances, which exceeded the increase in deposits, allowing the bank to also see its highest-ever quarterly profit of Rs 476 crore in the last quarter. Managing Director and CEO Baldev Prakash expressed great satisfaction at the annual numbers and credited the bank's strategy for the success.
