The performance of the share on the stock market has been quite constant.
Srinagar, July 4: Jammu and Kashmir Bank’s share price has increased gradually over the last several years and just hit a new all-time high.
The JKB share hit an intraday high of Rs 66.30 on Tuesday, and the stock completed the day at Rs 65.55 on the NSE, which is a new 52-week high.
The state-owned J&K Bank has provided 16.95 percent returns over the previous 5 trading days, with a share appreciation of Rs 9.50 per day.
Interestingly, J&K Bank shares have had a reversal of fortunes recently, returning 156% to shareholders in the last year.
The share price has remained relatively stable on the stock market. The share price of the Bank has risen by almost 21% in the last month, which is excellent news for shareholders. The stock price will increase significantly if the Bank maintains its impressive performance. The consistent performance of the bank’s stock shows that it has succeeded in restoring investors’ faith after it was rattled a few years ago.
In December of 2021/22, Baldev Prakash was named the bank’s managing director and chief executive officer. At that time, one share of stock cost little more than Rs 36.
Under Baldev Prakash’s management, the bank has shown signs of recovery, and consistent performance has been shown in restoring the balance sheet.
In the results for the fiscal year 2022–23, Jammu and Kashmir Bank reported its highest-ever net annual profit of Rs 1,197 crore. The bank has achieved its best quarterly profit of Rs 476 crore, and its capital adequacy ratio is at a decade high of 15.39 percent, with nonperforming assets at an eight-year low of 6.04 percent.
According to a statement released by the bank, “Jammu and Kashmir Bank has recorded Rs 1,197 crore as net profit for FY 2022–23,” making it the institution’s most profitable fiscal year on record. The bank’s gross and net nonperforming assets as a share of gross and net loans decreased significantly to 6.04 percent and 1.62 percent, respectively, from 8.67 percent and 2.49 percent, respectively, in the prior year. The rise of advances exceeded the growth of deposits.
Deposits climbed by around 6 percent to Rs 1,22,038 crore, while advances surged by 17 percent to Rs 82,285 crore. ” It feels terrific to come through with yearly results that exceed expectations. Using this data, Managing Director and CEO Baldev Prakash commented, “I see an unmistakable shift in performance and the functioning of the bank” in March 2022.
