The Jammu and Kashmir Bank hits Rs 3 lakh crore business mark on 16% deposit growth

Srinagar: The on Thursday said its total business has crossed the Rs 3 trillion mark in the first quarter of this fiscal, driven by over 16 per cent growth in deposits and more than 25 per cent growth in gross advances.

The Bank has registered total business of Rs 3.04 trillion, (Rs 1.73 trillion in deposits and Rs 1.31 trillion in gross advances) with an year-on-year growth of over 20 per cent backed by healthy increase of over 16 per cent in deposits and over 25 per cent in gross advances, a spokesman of the bank said on Thursday.

“Marking a defining milestone in its 88-year journey, J&K Bank has crossed the historic Rs 3 trillion total business mark at the close of the June quarter (), reaffirming its position among the country’s strongest and fastest-transforming ,” the spokesman said.

Read More:

Managing Director & CEO congratulated all and expressed gratitude to promoters, customers, shareholders and employees for shaping the bank’s remarkable journey.

“The journey from a business of Rs 2 trillion to Rs 3 trillion has been completed in around three years, compared to nearly a decade it took to move from Rs 1 trillion to Rs 2 trillion. This is not just faster growth’ it is evidence of a fundamentally transformed institution,” Chatterjee said.

The is just another milestone in the Bank’s goal of realising the of achieving Rs 5 trillion business and Rs 5,000 crore .