
Shares of Jammu & Kashmir Bank Ltd (J&K Bank) dropped during the trading session on Monday after the state-run lender reported its business updates for the period ended on March 31, 2024. The stock managed to scrip mild recovery but remained in red for the trading session.
J&K Bank's total deposits rose 10.44 per cent on a year-on-year (YoY) basis to Rs 1,34,776.73 crore as of March 31, 2023, which were Rs 1,22,037.74 crore in the year ago period. On a sequential basis (QoQ), deposits grew 4.85 per cent from Rs 1,28,542.47 crore in the December 2023 quarter.
Gross advances stood at Rs 97,072.47 crore in Q4FY23, up 12.76 per cent YoY from Rs 86155.64 crore in Q4FY23, said the lender in an exchange filing. Sequentially, advances inched up 3.77 per cent from Rs 93,538 in the December 2023 period, it added.
J&K Bank's CASA Ratio dropped 3.59 per cent on YoY to 50.51 per cent as of March 31, 2024 from 54.10 per cent as of March 31, 2023, while it decline 8 basis points QoQ from 50.59 per cent as of December 31, 2023. In absolute terms, CASA deposits rose 3.11 per cent YoY to 68,072.94 crore from Rs 66,017.98 crore during the period under review.
Shares of Jammu & Kashmir Bank dropped about 4 per cent to Rs 133.60 during the trading session on Monday, but made a partial and settled at Rs 135.85, down 2.27 per cent for the day, with a total market capitalization of close to Rs 15,000 crore. The scrip had settled at Rs 139 on Friday.
Jammu & Kashmir Bank, incorporated in October 1938, is an Indian bank headquartered in Srinagar, Jammu and Kashmir. Shares of J&K Bank have rallied about 170 per cent in the last one year, while the stock has gained about 25 per cent in the last six-months. The stock has gained about 1,200 per cent from its covid-19 lows, while it is up 320 per cent in the last two years.