Shares of this small-cap bank are buzzing on the bourses today!
As per the exchange filing, the bank’s profit for nine months is up by 85% YoY to Rs 721.05 crore from Rs 389.36 crore, clocked during the corresponding quarter last year.
The shares of Jammu & Kashmir Bank Ltd are buzzing on the bourses today. As of 11.53 am, the shares of the bank are trading higher by 2.48%. Today, the company reported a spurt in trading volume by more than 1.73 times. Owing to this, the stock is one of the top gainers on BSE from Group A.
Meanwhile, the frontline index S&P BSE Sensex is up by 0.15%.
The rally in share price has come on the back of the Q3FY23 results announcement. As per the exchange filing, the bank’s Net Interest Income (NII) surged by 27% YoY to Rs 1257.38 crore for the December quarter when compared to Rs 993.30 crore recorded last year, while growing 19% YoY for nine months to Rs 3495.73 crore. The Bank’s operating profit grew by 65% YoY to Rs 544.11 crore for the December quarter of 2022. Further, the bank’s profit for nine months is up by 85% YoY to Rs 721.05 crore from Rs 389.36 crore, clocked during the corresponding quarter last year. With this, the bank is well on its trajectory to meet annual profitability targets.
The Jammu & Kashmir Bank Ltd. (J&K Bank) functions as a universal bank in the Union Territories of Jammu & Kashmir and Ladakh and as a specialised bank in the rest of the country.
Today, the scrip opened at Rs 56.80 and has touched a high and low of Rs 57.25 and Rs 55.20, respectively. So far 11,86,275 shares have been traded on the bourses. The stock has a 52-week high & low of Rs 62.75 and Rs 23.80, respectively on BSE.
The company is currently trading at a TTM PE of 6.27x against the industry PE of 20.18x. In FY22, the company delivered an ROE & ROCE of 7.7% and 9.7%, respectively. The company is a constituent of Group A stocks and commands a market capitalisation of Rs 5,360.25 crore.
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