Srinagar: 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 J&K Bank 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 five trading sessions, the state-owned J&K Bank has given 16.95 percent returns with a share recording appreciation of Rs 9.50 apiece.
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 manifold over the last month, which is fantastic news for the investors.
If the bank continues to produce outstanding results, the stock price would 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.
When Baldev Prakash became the J&K 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 Prakash’s leadership, and consistency in its performance is obvious to restore the balance sheet.
J&K Bank has announced its highest-ever net annual profit of Rs 1197 crore in the results for the financial year 2022-23.
With a decade-high capital adequacy ratio of 15.39 percent and NPAs at an eight-year low of 6.04 percent, the bank also recorded its highest-ever quarterly profit of Rs 476 crore in the last quarter.
“J&K Bank has recorded Rs 1197 crore as net profit for FY 2022-23 which is the highest ever annual profit,” a J&K Bank spokesperson said. “The bank’s gross and net NPA as percentages to gross and net advances improved considerably to 6.04 percent and 1.62 percent respectively, compared to 8.67 percent and 2.49 percent recorded last year.”
The growth of advances outpaced the increase in deposits.
While advances grew by 17 percent to 82,285 crore, deposits increased by around 6 percent 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,” MD and CEO Baldev Prakash had said.