J&K Bank vaults after good Q1 earnings

Jammu & Kashmir Bank surged 5.6% to Rs 88.60 at 13:29 IST on BSE after net profit rose 31.95% to Rs 30.19 crore on 0.08% growth in total income to Rs 1790.53 crore in Q1 June 2017 over Q1 June 2016.

The result was announced on Saturday, 22 July 2017.

Meanwhile, the S&P BSE Sensex was up 199.24 points or 0.62% at 32,228.13. The BSE Mid-Cap index was up 42.34 points or 0.28% to 15,227.87.

On the BSE, 2.64 lakh shares were traded on the counter so far as against the average daily volumes of 1.38 lakh shares in the past one quarter. The stock had hit a high of Rs 91.90 and a low of Rs 85 so far during the day. The stock had hit a 52-week high of Rs 95.65 on 20 June 2017 and a 52-week low of Rs 54.60 on 24 November 2016.

The stock had underperformed the market over the past one month till 21 July 2017, sliding 9.83% compared with 2.38% rise in the Sensex. The scrip also underperformed the market in past one quarter, rising 4.22% as against Sensex's 9.07% rise. The scrip, however, outperformed the market in past one year, gaining 25.41% as against Sensex's 15.58% rise.

The mid-cap bank has equity capital of Rs 55.69 crore. Face value per share is Re 1.

Jammu & Kashmir Bank's gross non-performing assets (NPAs) rose to Rs 5640.62 crore as on 30 June 2017 as against Rs 6000.01 crore as on 31 March 2017 and Rs 4714.92 crore as on 30 June 2016.

The ratio of gross NPAs to gross advances stood at 11.1% as on 30 June 2017 as against 10.8% as on 31 March 2017 and 11.89% as on 30 June 2016. The ratio of net NPAs to net advances stood at 9.15% as on 30 June 2017 as against 8.7% as on 30 June 2017 and 10.64% as on 30 June 2016. The bank's provisions and contingencies rose to 70.26% in Q1 June 2017 from 67.17% in Q1 June 2016.

Jammu & Kashmir Bank is the only bank in the country with majority ownership vested with a state government. The J&K state government holds 53.27% stake in the bank as at 30 June 2017.

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