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Last Updated : Jan 15, 2019 09:50 AM IST | Source: Moneycontrol.com

J&K Bank gains 12% as CLSA maintains 'buy'

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.

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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.

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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.

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First Published on Jan 15, 2019 09:50 am
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