JAMMU & KASHMIR BANK LTD. - 532209 - Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
Transcript of Conference Call held on July 25, 202327-07-2023
27-07-2023
JAMMU & KASHMIR BANK LTD. - 532209 - Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
Presentation and Audio of Conference Call25-07-2023
JAMMU & KASHMIR BANK LTD. - 532209 - Announcement under Regulation 30 (LODR)-Newspaper Publication
Newspaper publication regarding Reviewed Financial Results of the Bank for the quarter ended June 30, 2023.25-07-2023
Q1FY24 Quarterly Result Announced for Jammu & Kashmir Bank Ltd.
Jammu & Kashmir Bank announced Q1FY24 results: Net profit has jumped 97% YoY to almost double its profit after tax (PAT) to Rs 326.45 crore for Q1FY24 when compared to Rs 165.97 crore recorded for Q1FY23. Net interest income (NII) rose 24% YoY to Rs 1,283.30 crore in Q1FY24, while the net interest margin (NIM) improved to 3.98% as compared to 3.46% registered in Q1FY23 and 3.94% recorded in Q4FY23. Core operating profit of the bank witnessed a sharp spike of 38% YoY and reached Rs 528.05 crore from Rs 381.45 crore Bank’s cost to income ratio for Q1FY24 has reduced to 65.07% as against 69.17% recorded Q1FY23. The bank’s return on assets (ROA) for Q1FY24 was at 0.94%. The bank's gross non-performing assets (GNPA) have reduced to 5.77% YoY as against 9.09 % recorded Q1FY23. In sequential terms, GNPA has declined by 27 bps from 6.04% recorded in Q4FY23. The net NPA for Q1FY24 also improved to 1.39% as against 3.02% registered in Q1FY23 and 1.62% recorded in Q4FY23. NPA coverage ratio for Q1FY24 improved to 87.55% when compared to 81.21% recorded Q1FY23 and 86.20% as on March 31, 2023. Advances of the bank grew over 17% YoY and stood at Rs 84,475.63 crore when compared to Rs 71,926.56 crore in Q1FY23. The deposits increased by 8% to Rs 1,21,297.49 crore as against Rs 1,12,145.18 crore recorded last year. However, YoY growth of advances and deposits’ portfolios in the UT of J&K; is at 11% and 8% respectively, while in the rest of India, deposits have increased by 11%, and advances have grown by 26%. During Q1FY24, the bank’s CASA ratio remains well above 53%. The bank’s capital adequacy ratio stood at 14.83% as against 13.02% recorded in Q1FY23. Commenting upon the Bank’s results, MD & CEO Baldev Prakash said, “With an almost doubled YoY PAT, our Q1 performance gives us a very encouraging start to meet our annual guidance. Reflecting the gradual but marked improvement in our operations, our core operating profit has jumped 38% YoY while witnessing a 17% rise on a QoQ basis. With NIM at almost 4% along with a 24% YoY increase in Net Interest Income, I see promising top-line growth unfolding in coming quarters.” “For the last six quarters, we have continued to strengthen and stabilize key operational parameters. The idea is to keep strengthening the core to ensure continuous and sustainable growth going forward,” he added. Regarding asset quality, the MD & CEO said, “The trend in asset quality continues to be very encouraging. With vigorous recovery pursuits and the expected resolution of a good number of accounts, we are well on course to achieve the asset-quality as per our guidance which is to contain our GNPA figure between 4 and 4.5% by the end of the current fiscal.” “We are also aiming at an NPA Coverage Ratio of around 90% in coming quarters,” he added. Commenting upon the business numbers, MD & CEO said, “Increase in advances is quite healthy at over 17% YoY and with strategies in place we will maintain the growth momentum.” “However, on the liability side, there is slight de-growth on a QoQ basis. Although this has been the trend with J&K; Bank due to the movement of Govt. funds which usually peak during the March quarter we have initiated aggressive deposit campaigns for mobilization of CASA with digital onboarding of new-to-business customers. And a good number of accounts have already been opened which shall, over time, accumulate sizable balances,” he added. Elaborating upon capital position, the MD & CEO said, “After achieving the target of 15% CRAR during the last year, we are looking at a capital adequacy ratio of about 16% by the end of this fiscal. Even though we expect major accretions from internal accruals but plans are in place to raise capital from the market, if required.” Result PDF25-07-2023
Jammu & Kashmir Bank Results Earnings Call for Q1FY24
Conference Call with Jammu & Kashmir Bank Management and Analysts on Q1FY24 Performance and Outlook. Listen to the full earnings transcript.25-07-2023
Jammu and Kashmir Bank to launch another OTS scheme to bring down NPAs: MD CEO Baldev Prakash
The Jammu and Kashmir Bank is already following a humane approach towards loan recovery, Prakash told PTI.25-07-2023
JK Bank shares shed 4% despite Q1 net profit doubling to Rs 326.5 crore
JK Bank has given a return of 25.55 percent over the last six months.25-07-2023
JAMMU & KASHMIR BANK LTD. - 532209 - Announcement under Regulation 30 (LODR)-Press Release / Media Release
Press Release on Financials June, 202324-07-2023
JAMMU & KASHMIR BANK LTD. - 532209 - 85TH ANNUAL GENERAL MEETING, RECORD DATE, BOOK CLOSURE DATES AND DIVIDEND PAYMENT DATE
85TH AGM, RECORD DATE, BOOK CLOSURE DATES AND DIVIDEND PAYMENT DATE24-07-2023
JAMMU & KASHMIR BANK LTD. - 532209 - STATEMENT OF DEVIATION(S) OR VARIATION(S) UNDER REGULATION 32 OF SEBI (LODR) REGULATIONS, 2015
Compliance under Regulation 32 of SEBI (LODR) Regulations, 201524-07-2023