The state-owned lender reported a net profit of nearly Rs 316 crore for the January-March period, and said it was its highest quarterly profit since March 2014. For the corresponding period a year ago, the lender had posted a net loss of Rs 294.10 crore.
The scrip surged as much as 5.81 per cent to Rs 31.85 on Friday before giving up some of those gains. At 10:25 am, J&K Bank shares traded 3.16 per cent higher at Rs 31.05 apiece on BSE, outperforming the S&P BSE Sensex index, which was down 0.53 per cent at 52,046.16.
The bank’s income came in at Rs 2,129.65 crore in the quarter ended March 2021, from Rs 2,277 crore in the year-ago period.
The Jammu & Kashmir Bank stock has more than doubled investors’ wealth in the last one year. It has soared over 35 per cent so far in 2021. J&K shares have risen 15 per cent in the last one month alone.
For the full year 2020-21, the bank posted a net profit of Rs 432.12 crore as against a net loss of Rs 1,139.41 crore for the previous year. For 2020-21, the bank’s income fell to Rs 8,830.08 crore, from Rs 8,992.21 crore in the previous year.
The lender said its net interest income increased to Rs 3,770.78 crore during the year from Rs 3,706.67 crore, and net interest margin stood at 3.64 per cent. Other income for the entire financial year increased 32 per cent to Rs 719 crore on the back of contribution by the treasury operations.
