4Q results of Jammu aad Kashmir Bank : Highest Ever Profit Crossed Bench Mark of Rs 1200 Crores

An elevated Surge of 48% is seen in the 4Q results of Jammu and Kashmir Bank. The Annual Profit of Jammu and Kashmir Bank stands at Rs 1767 Crore — Crossed the Bench Mark of 1200. 

On 4 May 2024, Jammu and Kashmir Bank Limited, the leading Private Sector bank of the Banking Industry, submitted its exchange filing for the fourth quarter. In which the bank broke its 86 years of successful and progressive history and recorded the highest ever annual profit till date.

Highest Ever Profit : Jammu And Kashmir Bank 4Q Result 

Talking about Deposits and Advances of Jammu and Kashmir Bank, Director Prakash told that the total income of J and K bank has increased by 10% compared to last year – last year the total income of the bank was 5,502.09 crores and now it has increased to 6,029 crores. 

There has also been an high Surge in the total deposits of the bank. Last year the Total Deposits of the bank were 1,22,037 crores or now it has increased to 1,34,774.89 crores in March 31. There is also 14% increase in Net Advances, last year Net Advances were 82,285.5 Crore and now it it has increased to 93,762 crores. Net Interest Margin (NIM) Stands at 3.92%. 

Crossed Bench Mark of Rs 1200 Crores 

Crossed Bench Mark of Rs 1200 Crores

The Market Cap is Positioned at Rs 153.34 Billion.Total Revenue Grew By 19% And Crossed a Mark of rs 1200 Crores. Bank's Yield Advances rose annually to 9.54% from 8.19%. Return on Investment ( RoA ) hits 1.22% from 0.89%. After a decade RoA of the Company Crossed a Mark of 1%. Price to Earning P/E Ratio Stands at 8.79.  

Mentioned in the BSE Exchange filing 

According to the BSE filing of the company dated May 4, 2024, "the Board of Directors in their meeting held today i.e., 04th May, 2024 has recommended a dividend of Rs. 2.15 per equity share of Re. 1/- each fully paid up (215%) for the financial year ended March 31, 2024, subject to the approval of the shareholders at the ensuing Annual General Meeting ("AGM") of the Bank."

Prakash, " Beating its own highest-ever record..." 

The Director and CEO Prakash Told PTI after the final Results of Financial Year 2023-24 "Beating its own highest-ever record of profits achieved only last year, the net profit surged in fiscal 2023-24 by 48 per cent to achieve its record profit figure of Rs 1,767 crore,". 

Elevated Surge in the History of Jammu and Kashmir Bank 

The leading Jammu and Kashmiri Bank recorded an annual profit of Rs 1767 crore for the financial year 2023-24, an elevated surge of 48% was recorded in the annual profit compared to the Previous Year. Annual Profit of Jammu and Kashmir Bank for Financial Year 2022-23 was 1197 Crore.

On the occasion of Breakthrough, the Bank has announced its first Highest Ever Dividend since 2015. The Board of Directors of Jammu and Kashmir Bank has announced a dividend of ₹ 2.15 on the face value of every ₹ 100 – which has proved to be record breaking since 2015.

The J and K Bank Posted in its Twitter Handle — 

J&K Bank’s annual net soars 48 pc to reach its highest ever profit of Rs 1767 Cr

Click here to read more - https://t.co/TJ1BcoErLg#JKBank pic.twitter.com/KVvnyybVir

— J&K Bank (@JandKBank) May 4, 2024

Highest Ever Dividend

Recently the Bank has offered it's Highest Ever Dividend Worth Rs 236.75 Crores — The Board of Directors finalise the Dividend of Rs 2.15 against face Value of Rs 100. The Bank Celebrates its Platinum Jubilee In 2013, When the Market Cap of the bank had crossed 1000 billion and the total profit at that time Crossed Rs 10 billion.  Throughout the History, Jammu and Kashmir Bank has given good dividend to its investors. Since 2001, the Bank has declared 18 dividends to its investors.

Breakthrough in 2013 : Dividend of Rs 50 Per Share 

On the Occasion of this Breakthrough the Bank offered it's Highest Ever Dividend of ₹ 50 per share. In the last 12 months, Jammu & Kashmir Bank's annual dividend per share remained at Rs 0.50. The Average Annual Dividend rate is 0.36% and Quarterly Dividend is amounted to Rs 0.13 INR.

The Director Baldev Prakash on this Breakthrough 

The Managing Director and CEO of Jammu & Kashmir Bank's Limited, Baldev Prakash Said, "We are thrilled to report such stellar annual numbers, which reflect our unwavering commitment to excellence and prudent financial management. Our record-breaking annual profit and impressive financial metrics reflects the changing culture of the Bank where delivering streak of new records period after period is becoming a habit. It also underscores the Bank's resilience and strategic prowess in navigating dynamic market conditions.

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Should you buy Jammu and Kashmir Bank shares ?

So the answer to this has been given by India's leading banking company SBI Securities itself. 

On 7 March, SBI Securities publishes a list in which SBI has recommended Top 14 Best Shares list after Healthy Q3 results, in which Mahindra and Mahindra and Ambuja Cement Stands at Position own and Second, respectively. 

After this, Blue Star and Shyam Metallics and Energy holds sixth and seventh Position and after this on eighth Position SBI Listed Jammu and Kashmir Bank Limited. The Ranking is Based on Healthy Results of Quarter 3 and Capex Tailwind. 

Statement of Experts

Know what Analysts are saying on this, "credit growth trajectory is improving in the state with soaring activities in the tourism, horticulture, MSME, and infrastructure segment. The overall credit growth in the J&K state is likely to remain in the range of 15%-17%.

Share Price of Jammu and Kashmir Bank Limited 

There has been a High Surge in the Share prices of Jammu and Kashmir Bank in the last 2-3 years. There has been an increase of 125% in the bank's shares in the last one year. The Bank is also performing well in Equity Shares also — Share price of 3 May started from Rs 139.9, low rate was Rs 136.55 or high rate was stood at Rs 139.95.

A Glance at Vibrant History of Jammu and Kashmir Bank 

Jammu and Kashmir Bank Limited is a Private Sector Bank situated in Kashmir and it is one of the oldest Private Banks of India. It was established in 1938 by Maharaja Hari Singh. Maharaja Hari Singh started this bank with an initial Capital of Rs 5 Lakh and with a Vibrant History of 86 years, today the Market cap of Jammu and Kashmir Bank Limited Stands at more than Rs 15 Trillion. Jammu And Kashmir Bank's Headquarters is in Sri Nagar. This Scheduled Private Commercial Bank is listed in NSE and BSE. 

Elevated Spike of 6870% 

In the beginning means on 1 January 1938, the price of one share of J & K Bank was rs 2 and now the price of the same share stands at Rs 139.95 — there has been an elevated spike of 6870% in the share price from the beginning till today.

Extension of Bank : 2400 Touch Points 

As of August 2021, Jammu and Kashmir Bank has a total of 2400 touch points across India. Out of Which 964 are branches and 1388 are ATMs which are Extended to 18 states and 4 union territories of India. 804 touch points are in Jammu and Kashmir only — out of which 36 touch points are in Ladakh region only. Apart from this, a subsidiary company of Jammu and Kashmir Bank named as "JKB Financial Services Limited JKBSFL".

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