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What the record says.
Jammu and Kashmir Bank delivered a record annual net profit of ₹2,363 crore for FY26, with Q4 PAT of ~₹800 crore (up 36% QoQ). The bank surpassed most guidance metrics, including credit growth of 16.8% (vs. 12% guidance) and deposit growth of 11.3%. NIM moderated to 3.60% due to 125 bps rate cuts, but cost efficiencies drove operating leverage, with employee costs declining ~4%. Asset quality improved further: GNPA at 2.50% and NNPA at 0.64%, with gross slippage of just 0.82%. Management guided conservatively for FY27: credit growth 12%, NIM ~3.5%, ROA ~1.37%, and GNPA <2.25%. Key risk: ECL implementation from April 2027 may require ₹1,600-1,700 crore additional provisions, though management expects credit costs to remain below 0.2%.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided for 12% loan growth, but expects to outperform if system growth is higher.
- Deposit growth guided at 10%, with CASA ratio maintained at 45%.
- Net interest margin guided at 3.5%, with potential upside as retail yields recover.
- Return ratios guided to remain near current levels, with conservative assumptions.
Risks flagged
- RBI's ECL norms from April 2027 may require ₹1,600-1,700 crore additional provisions, potentially impacting capital adequacy.
- World Bank slashed India's FY27 growth forecast to 6.6%, which could impact credit demand and asset quality.
- Cumulative 125 bps repo rate cuts in 2025 have compressed NIM; full transmission may take time.
- Increased branch openings by other banks in urban centers could erode market share, though management expects to regain lost ground.
Key quotes
- What sets this achievement apart and makes it more special is the backdrop on in which it has been achieved as FY226 was laced with frequent challenges especially in our core geography of Jammu and Kashmir besides global uncertaintities.
- While it may seem like we are underpromising, rest assured that we will strive to overd deliver like we did this year.
- If the system grows at 16% I would definitely want to grow more than 16%. And that is given you can take it from me.
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