Shares of Jammu Kashmir Bank (J&K Bank) soared 9 per cent in FridayтАЩs trade after the lender reported doubling of its September quarter profit.
At 2.36 pm, the scrip was trading at Rs 34.15 on BSE, up 8.41 per cent. With this, the scrip has cut its year-to-date losses to 7.8 per cent.┬а
Earlier in the day,┬а┬аthe bank reported a 119.31 per cent year-on-year (YoY) surge in profit after tax (PAT) at Rs 243.64 crore┬а┬аin the September quarter compared with Rs 111.09 crore in the corresponding quarter last year.┬а
Net interest income (NII) for the quarter climbed 23.73 per cent YoY to Rs 1,204.16 crore compared with Rs 973.14 crore in the same quarter last year.┬а
Asset quality improved, with the bank reporting gross non performing assets at 7.67 per cent in the September quarter compared with 9.09 per cent in June and 8.95 per cent in the year ago quarter.
Incorporated in 1938, Jammu Kashmir Bank is among oldest private sector banks in India.┬а┬аThe Srinagar-headquartered bank functions as a leading bank in the union territories of Jammu-Kashmir and Ladakh and is designated by Reserve Bank of India as its exclusive agent for carrying out banking business for the government of Jammu & Kashmir and Ladakh.┬а
The bank offers retail credit products, including home, personal loans, education loan, agriculture, trade credit and consumer lending, a number of unique financial products tailored to the needs of various customer segments.
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