Page 2 - Jammu & Kashmir Bank

J&K Bank to increase exposure to corporate borrowers, PSUs: MD Prakash

In a Q&A, Baldev Prakash said the lender will also target Mumbai, Bengaluru, Delhi, Pune and Mohali through tie-ups, and hold campaigns for retail asset/liability products in order to improve its CASA

J&K Bank gets board approval to raise up to Rs 2,000 crore in FY23

State-owned Jammu and Kashmir Bank (J&K Bank) on Tuesday said it will raise up to Rs 2,000 crore, through a mix of debt and equity, in the current fiscal year 2022-23. The board of directors of the bank, in its meeting held on June 28, approved the capital raise plan, J&K Bank said in a regulatory filing. The board approved to raise equity capital up to Rs 500 crore in one or more tranches by way of rights issue/ preferential allotment, private placement/ qualified institutional placement or a follow on public offer or any other approved route, it said. It has also approved to raise up to Rs 1,500 crore capital by way of issuance of Basel III compliant tier II bonds in the nature of non-convertible debentures on a private placement basis, it added. Stock of J&K Bank closed at Rs 26 apiece on BSE, up by 1.56 per cent from previous close.

ED questions NC leader Omar Abdullah in 12-year-old J&K Bank case

The ED questioned NC leader Omar Abdullah on Thursday in connection with the purchase of a building by J&K Bank some 12 years ago when he was Jammu and Kashmir chief minister, a move the party termed a "political exercise" ahead of the Assembly elections in the union territory. After spending more than five hours at the ED office here in response to summons sent last week, Abdullah told reporters that he had not been accused of anything and that he had "answered them as much as I could". He would further help them "if they need me", he added. According to officials, the case pertains to the purchase of a building by the J&K Bank, in which the government has 68 per cent equity, at Bandra Kurla in 2010. A property measuring around 65,000 square feet was acquired at a cost of Rs 172 crores. Sources said the board of directors of the bank had set up a two-member committee headed by its chairman Haseeb Drabu which recommended the purchase of the property, in which another leading ..

J&K Bank loan case: Chairman Mushtaq Ahmad Shaikh, 18 others booked

The CBI has booked former J&K Bank chairman Mushtaq Ahmad Shaikh and 18 others for a Rs 800 crore loss to the bank caused due loans to REI Agro, which were issued in violation of guidelines, without tangible security and on fake documents, officials said. In addition to officials of the bank, the Central Bureau of Investigation (CBI) has also booked REI Agro chairman Sanjay Jhunjhunwala, and vice president and managing director Sandeep Jhunjhunwala, they said on Friday. The case was earlier probed by the anti-corruption branch of Jammu and Kashmir and it had found during its preliminary inquiry that loans worth Rs 800 crore were sanctioned to the group on the basis of fake documents between 2011 and 2013 and in violation of guidelines, the officials said. This caused a loss of Rs 800 to the bank, they said. The Mumbai-based Mahim branch of the bank had sanctioned Rs 550 crore of loans while the Vasant Vihar branch in Delhi had sanctioned Rs 139 crore in their favour against the ...

J&K Bank net profit jumps over two-fold to Rs 175 cr in Dec quarter

State-owned Jammu & Kashmir Bank on Tuesday reported a more than two-fold rise in its net profit at Rs 174.81 crore for the quarter ended December 2021 on the back of a significant drop in its provisioning requirement. The bank had posted net profit of Rs 66.37 crore in the same quarter a year ago, and Rs 111.60 crore in the preceding quarter ended September 2021. Total income during Q3 FY22, however, was down at Rs 2,178.57 crore as against Rs 2,349.81 crore in Q3FY21, J&K Bank said in a regulatory filing. It also fell sequentially from Rs 2,203.36 crore in the September quarter of this fiscal. Interest income during the quarter fell to Rs 2,019.77 crore as against Rs 2,076.37 crore. The lender's provisioning for bad loans and contingencies for the quarter came down significantly to Rs 8.22 crore, as against Rs 457.61 crore it had put aside in the year-ago period. As of December 31, 2021, the government of Jammu & Kashmir held 70.12 per cent stake in the bank. Provision ..

SBI can rally to a new high, charts show; Canara Bank, J&K have 8% upside

The Nifty PSU Bank index needs to cross 2,850 to indicate further strength

J&K Bank board appoints Baldev Prakash MD & CEO for three years

Jammu & Kashmir Bank on Tuesday said its board of directors has appointed Baldev Prakash as the MD & CEO for three years. The board of directors in the meeting held on December 28 has appointed Baldev Prakash as Managing Director & Chief Executive Officer of the bank for a period of three years, J&K Bank said in a regulatory filing. His appointment will be effective from the actual date of his taking charge, the bank said. The board also appointed R K Chhibber as an additional director on the board of the bank to be effective from the date Baldev Prakash takes charge as MD&CEO of the bank, it said further. In October this year, the RBI had approved the appointment of Prakash as the next MD&CEO of J&K Bank. His appointment was slated from the date of taking charge or April 10, 2022, whichever earlier. Prakash 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 ...

J&K Bank reports net profit at Rs 111 crore in September quarter

Public sector lender Jammu & Kashmir Bank on Friday reported an over two-fold jump in net profit at Rs 111.09 crore in quarter ended September. The bank had posted a net profit of Rs 43.93 crore in the year-ago period and a profit of Rs 104.32 crore in Q1 of FY22. Total income of the bank rose to Rs 2,201.26 crore during the July-September period of 2021-22, as against Rs 2,194.47 crore in same period of 2020-21, Jammu & Kashmir Bank (J&K Bank) said in a regulatory filing. Bank's provisions for bad loans and contingencies for the reported quarter fell to Rs 192.68 crore, as against Rs 324.92 crore in same period a year ago. Even as there was a slight rise in gross non-performing assets (NPA) ratio at 8.95 per cent of the gross advances as of September 30, from 8.87 per cent by end of September last year. Net NPA was down at 3.02 per cent against 3.03 per cent. Stock of J&K Bank closed at Rs 45.95 apiece on BSE, up 0.33 per cent over previous close.

RBI approves appointment of Baldev Prakash as J&K Bank MD & CEO

Jammu & Kashmir Bank on Wednesday said the Reserve Bank has approved the appointment of Baldev Prakash as its next Managing Director and CEO from the next year. The Reserve Bank of India has vide letter dated October 26, 2021 accorded approval to the candidature of Prakash as MD & CEO of the Bank for a period of three years from the date of taking charge or April 10, 2022, whichever is earlier, J&K Bank said in a regulatory filing. The state-owned lender will separately inform about the appointment of Baldev Prakash as MD & CEO by its board and the actual date of assuming charge by him. Prakash 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 he is currently the Chief General Manager (Digital and Transaction Banking Marketing Department) at SBI, Mumbai. Presently, RK Chhibber is the Chairman and Managing Director of J&K Bank, who assumed charge of the bank in

J&K Bank gets shareholders' nod to raise up to Rs 2,000 cr via equity, debt

Jammu and Kashmir Bank on Friday said it has received shareholders' nod to raise up to Rs 2,000 crore through equity and debt to fund its business. The shareholders at the annual general meeting on Friday approved the plan to raise equity and debt capital of up to Rs 1,000 crore each. They approved raising of equity capital of up to Rs 1,000 crore in one or more tranches by way of rights issue/preferential allotment/private placement or qualified institutional placement (QIP) or any other approved mode, the bank said in a regulatory filing. Also, shareholders approved raising up to Rs 1,000 crore by issuing Basel III compliant tier-II bonds in the nature of non-convertible debentures on a private placement basis. Shareholders also cleared the appointment of Nitishwar Kumar and Mohmad Ishaq Wani as directors.

J&K Bank defers board meet on proposed Rs 500 cr-capital infusion from govt

Jammu & Kashmir Bank (J&K Bank) has postponed its board meeting to discuss the proposal of Rs 500 crore capital infusion from the state government. The meeting of the board of directors of the bank scheduled for Wednesday, May 12, 2021 to consider/discuss the proposal of capital infusion by the government of Jammu & Kashmir to the tune of Rs 500 crore in the bank stands postponed, the bank said in a regulatory filing. The bank has not given the reason behind the postponement. The new date for the said meeting shall be communicated separately, it added. Stock of J&K Bank traded at Rs 26.10 apiece on BSE, up 2.76 per cent from previous close.

Wockhardt, Jammu & Kashmir Bank, GE Power, DHFL locked in upper circuit

In the past seven days, GE Power has rallied 80 per cent from its multi-year low of Rs 177.

J&K Bank posts net profit of Rs 44 crore in September quarter

Jammu & Kashmir Bank on Friday reported a standalone net profit of Rs 44 crore in the second quarter ended September of the current fiscal year. The state-owned lender had posted a net loss of Rs 916.81 crore during the same quarter a year ago. Sequentially, net profit grew multi-fold from Rs 6.50 crore in April-June 2020 quarter. Total income fell to Rs 2,194.47 crore in July-September from Rs 2,262.94 crore in the same quarter of 2019-20, J&K Bank said in a regulatory filing. Asset quality improved as gross non-performing assets (NPAs) fell to 8.87 per cent of the gross advances at the end of September 2020 from 10.64 per cent at the end of September 2019. In absolute terms, gross NPAs stood at Rs 6,317.09 crore as against Rs 7,473.29 crore a year ago. Similarly, net NPAs declined to 3.03 per cent (Rs 2,023.32 crore) from 4.48 per cent (Rs 2,942.04 crore) a year ago. On a consolidated basis, the bank posted a net profit of Rs 44.39 crore during the quarter under review. It ..

J&K Bank's consolidated net profit falls 66% in June quarter to Rs 7.3 cr

Jammu & Kashmir Bank on Thursday reported a 65.5 per cent decline in consolidated net profit at Rs 7.30 crore in the three months ended June. It had a consolidated net profit of Rs 21.15 crore in the year-ago period. The bank had posted a net loss of Rs 293.82 crore in the quarter ended March 2020. In the June quarter, total income fell to Rs 2,160.51 crore from Rs 2,257.42 crore in the same period a year ago, according to a regulatory filing. On a standalone basis, the bank's net profit in the first quarter of the current fiscal stood at Rs 6.50 crore. This is a decline of 70 per cent from a net profit of Rs 21.87 crore reported in the year-ago period. Standalone total income stood at Rs 2,157.94 crore in the latest June quarter as against Rs 2,256.25 crore in the same period a year ago. The lender's gross non-performing assets rose to 10.73 per cent of the gross advances as on June 30, 2020. In the same period a year ago, it was 8.48 per cent. However, net NPAs (Non-Performing .

PSBs rally post SBI March quarter results; Nifty PSU Bank index up 7%

SBI, Jammu & Kashmir Bank, Punjab National Bank, Bank of Baroda, Canara Bank and Indian Bank were all up in the range of 7 per cent to 10 per cent on the NSE

RBI says rehabilitation benefits to be extended to J-K bank borrowers

Jammu and Kashmir Bank on Saturday said the RBI has permitted lenders to extend the rehabilitation benefits applicable to the borrowers affected by disturbance/events in the union territory of J&K. "The Reserve Bank of India (RBI) has allowed the banks to extend the rehabilitation benefits applicable to the borrowers affected by disturbance/events in the UT of J&K as per master directions on relief measures by the banks in areas affected by natural calamities," Jammu and Kashmir Bank said in a filing to the BSE. The bank, it said, has accordingly initiated the process to implement rehabilitation package to its borrowers. "This is in continuation to our letter...dated 5th November, 2019 regarding seeking a special dispensation addressing the issue of temporary asset impairment due to prevailing situation in J&K since August 5, 2019 from the RBI," the filing said. On August 5, the Centre had abrogated Article 370 provisions that gave special status to J-K and bifurcated the .

J-K bank Chairman Parvez Ahmad removed, R K Chibber given temporary charge

Chibber will replace Ahmad, who was appointed in 2016 as the chairman of the bank

No bottomline growth, no dividends for 18 mths: J&K Bank chairman

He said the industry is passing through very tough times due to the economic slowdown as well as the prevailing political environment

J&K Bank stock not ripe for bottom-fishing

It is likely to extend Thursday's fall amid earnings downgrades and weak financial results

J&K Bank Q3 net loss at Rs 498 cr

Provisions for bad loans shoot up; bank had posted a Rs 118 cr profit a year ago