![J&K Bank headquarters [Image used for representational purpose only]](https://gumlet.assettype.com/greaterkashmir%2F2022-09%2Fef377fe7-45d2-48da-ae33-5062432b6e0c%2FJ_K_bank.bmp?rect=0%2C0%2C989%2C556&auto=format%2Ccompress&fit=max)
Srinagar, July 4: To the joy of its investors, Jammu and Kashmir Bank's share price is steadily rising and has surpassed a 5-year high.
On Tuesday, the JKB share closed at Rs 65.55 at NSE after touching an intraday high of Rs 66.30 which is also a new 52-week high of the stock which is giving good returns to its investors.
In the past 5 trading sessions, the state-owned J&K Bank has given 16.95 returns with a share recording appreciation of Rs 9.50 a piece.
Interestingly, the J&K Bank stock is witnessing a turnaround of sorts in the market as in the last one year the stock has given 156 percent returns to its investors.
On the stock exchange, the share’s performance has been consistent. The value of the Bank share has increased by over 21 percent over the last month, which is fantastic news for investors. If the Bank continues to produce outstanding results, the stock price will rise much more in the market. The bank has been successful in regaining investors' trust after it had been shaken a few years earlier, as seen by the share's continuous performance.
Baldev Prakash became the bank's MD and CEO in December 2021. The share price was just over Rs 36 at the time.
The bank has seen indications of recovery under Baldev Prakash's leadership, and consistency in its performance is obvious to restore the balance sheet.
Jammu and Kashmir Bank has announced its highest-ever net annual profit of Rs 1,197 crore in the results for the financial year 2022-23.
With a decade-high capital adequacy ratio of 15.39 per cent and NPAs at an eight-year low of 6.04 per cent, the bank also recorded its highest-ever quarterly profit of Rs 476 crore in the last quarter.
"Jammu and Kashmir Bank has recorded Rs 1,197 crore as net profit for FY 2022-23 which is the highest ever annual profit," a bank spokesperson said.
"The bank's gross and net NPA as percentages to gross and net advances improved considerably to 6.04 per cent and 1.62 percent respectively, compared to 8.67 per cent and 2.49 per cent recorded last year."
The growth of advances outpaced the increase in deposits.
While advances grew by 17 per cent to 82,285 crore, deposits increased by around 6 per cent to Rs 1,22,038 crore.
"It is a great feeling to deliver better-than-promised annual numbers. Looking back to March 2022 with these sets of numbers, I see an unmistakable shift in performance, as well as the functioning of the bank," Managing Director and CEO Baldev Prakash had said.
