Srinagar- The Jammu and Kashmir Bank achieved another milestone on Tuesday as the shares of the bank touched five-year high, bringing cheers to the investors.
In the last financial year, the bank earned the highest-ever net annual profit of nearly Rs 1200 crore, earning laurels within and outside J&K. The bank shares have been soaring since.
On Tuesday, JKB shares touched 5 year high at 66.30 and closed at 65.55 amid high trading and the volume of trading was 3.25 crore, officials said. The bank had 17% gains in the last 5 trading sessions, sources told Kashmir Observer.
“It is indeed a historical day given the strong fundamentals and customer friendly policies of the bank,” the officials said.
The bank, they said, has also decided to issue dividend to its shareholders after a gap of several years
“Investors have gained confidence in the bank and Market is responding positively to the developments and policies of the bank,” they added.
According to officials, J&K Bank, a household name in Jammu and Kashmir, has 998 branches and over 1400 ATMs operating across 18 states and 4 Union Territories.
Pertinently, in last financial year, Jammu and Kashmir Bank has recorded Rs 1,197 crore as net profit for FY 2022-23 which is the highest ever annual profit,”
With a decade-high capital adequacy ratio of 15.39 per cent and NPAs at an eight-year low of 6.04 per cent, the bank also recorded its highest-ever quarterly profit of Rs 476 crore in the last quarter.
Interestingly, since the appointment of Baldev Prakash as the MD & CEO of JKB in December 2021, the shares of the bank have shown a steady rise over these years.
He replaced RK Chhibber as the Chairman and Managing Director of J&K Bank, who had assumed the charge in June 2019.
JKB share prices were just Rs 35.80 apiece on BSE, when Prakash took over the reins of the bank.
He has over 30 years of experience in banking in various roles at small and large size branches at SBI. He had joined SBI as a probationary officer in 1991 and was the Chief General Manager (Digital and Transaction Banking Marketing Department) at SBI, Mumbai before appointed MD & CEO of JKB.