Jammu and Kashmir Bank Ltd — Q4 FY26

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%.