Jammu & Kashmir Bank (J&K Bank) today said its board has approved sub-division of share in the ratio of 1:10.
As per the approved sub-division, one equity share of the bank having a face value of Rs 10 each would be split into ten equity shares of face value Re 1 each, J&K Bank said in a filing on the BSE.
"The sub-division of shares is subject to approval of the shareholders and any other statutory and regulatory approvals, as applicable," it said.
Shares of the bank closed at Rs 1,631.40 per share, up 0.46 per cent on the BSE.
J&K Bank has reported a net profit of Rs 250.6 crore in the fourth quarter ended March 31, 2014.
The bank had registered a profit of Rs 250.08 crore in the January-March quarter of FY2012-13.
Total income during the period increased to Rs 1,888.60 crore as against Rs 1,835.71 crore in the year-ago quarter.
For the full fiscal FY14, bank's net profit rose to Rs 1,182.47 crore from Rs 1,055.10 crore a year earlier.
Full year income moved up to Rs 7,157.26 crore compared to Rs 6,620.53 crore for the year ended March 31, 2013, it said.
