J&K Bank Crosses Rs 3 Lakh Crore Business on 16% Deposit Growth

Jammu and Kashmir Bank crossed the Rs 3 lakh crore mark in total business during the first quarter of the current fiscal year. Total business – the sum of deposits and advances – rose more than 20% from a year earlier, the bank said. A 16% increase in deposits and a corresponding rise in gross advances drove the growth.

The bank holds a dominant share of the banking market in Jammu and Kashmir. Its deposit growth of 16% compares with a system-wide average of about 11-12% over the same period, according to RBI data. The bank's customer base, largely government employees and local businesses, has remained stickier than the industry trend even with competition from private lenders increasing.

Gross advances also expanded. The bank did not give a separate advance growth figure alongside the business milestone.

Most other public sector banks have reported low single-digit deposit growth in recent quarters. J&K Bank's performance stands out in the regional banking cohort.

The detailed quarterly earnings report is expected in mid-August. It will include the advance growth rate, the net interest margin, and the asset quality trend.