The bank has reported a 43 percent year-on-year increase in December quarter profit at Rs 103.75 crore against profit of Rs 72.47 crore.
Share price of Jammu and Kashmir Bank (J&K Bank) rose 12.5 percent intraday Tuesday after CLSA maintained buy call with a target of Rs 50 per share.
According to CLSA, the bank reported steady results outside IL&FS. The December quarter, albeit on a low base, was ahead of the estimate which is a positive sign.
The bank also enjoys a strong deposit franchise which is highest among the PSU space. The global investment bank has lifted earnings estimates for J&K Bank to factor in bank’s provisioning for on IL&FS.
The bank has reported a 43 percent year-on-year increase in December quarter profit at Rs 103.75 crore against profit of Rs 72.47 crore.
Net interest income increased 13 percent year-on-year to Rs 881.63 crore in quarter ended December 2018.
Asset quality weakened as gross non-performing assets were higher at 9.94 percent as of December 2018 against 9 percent as of September
2018. Net NPA were also higher at 4.69 percent against 3.91 percent, QoQ.
At 09:38 hrs Jammu and Kashmir Bank was quoting at Rs 40.50, up Rs 3.10, or 8.29 percent on the BSE.
FOR 2 DAYS FREE TRIAL GIVE ONE MISSED CALL ON 9644405056 OR CLICK ON >> Call Put Option Tips. SO WHAT ARE YOU WAITING FOR? HURRY UP! SUBSCRIBE US!
No comments:
Post a Comment