J & K BANK = RESULTS = QTR 3 FY 2011 = QTR ENDING DECEMBER ,2010 = YET ANOTHER EXCELLENT PERFORMANCE

The Jammu & Kashmir Bank Limited

NSE Symbol J&KBANK

J&K Bank has produced good results for Q3 ended December, 2011.

Interest on Advances has increased to Rs.650 Cr – up by 2.28% from Q2 FY 11; and by 11.44% from Q3 FY 2010.

Income on Investments has increased to Rs.280 Cr – up by 8.01% from Q2 FY 10 and by     58.66% from Q3 of FY 2010.

Total Income has increased to Rs.1012 cr – up by   3.99% from Q2 FY 2011 and by   18.06% from Q3 of FY 2010.

NET INTEREST INCOME : has increased to Rs.390 Cr – up by 4.54% from Q2 FY 2011; and by 32.73% from Q3 FY 2010.

Operating Profit : has increased to Rs.281 Cr – down  by 1.27% from Q2 FY 2011 but up by 14.83% from Q3 FY 2010.

Provisions  are at Rs.30.63 Cr compared to Rs.38.84 Cr in Q2 FY11, and Rs.30.73 Cr in Q3 FY 2010.

Net Profit : is Rs.168 Cr – up by 2.82% from Q2 FY 2011 and by 19.92% from Q3 of FY 2010.

Capital Adequacy Ratio is quite good at       14.14.

% of Gross/Net NPA         is very LOW at 0.04.

Return on Assets is very good at 1.45.

Basic EPS     is a good Rs.34.63 – compared to Rs.33.68 in Q2 FY 2011 and by Rs.28.88 in Q3 FY 2010.Annual EPS could be around Rs.132.62. Current MP is Rs.707.

Hence, PE Ratio is around 5.33.

Most of the Banks have turned in yet another excellent performance in Q3 FY 2011. The consistency of the Banking sector is commendable. The sector, both public and private, needs better valuations in the market.

RESULTS TABLE :

J&K BANK	31-Dec-10	30-Sep-10	30-Jun-10	31-Mar-10	31-Dec-09
Interest on Advances	64985	63536	62596	57665	58315
DIF %1	650	2.28	3.82	12.69	11.44
Income on Investments	28023	25945	23641	19491	17662
DIF %2	280	8.01	18.54	43.77	58.66
Income on Balances With RBI	458	411	333	189	178
Interest Earned	93466	89892	86570	77345	76155
Other Income	7756	7448	9369	10169	9581
Total Income	101222	97340	95939	87514	85736
DIF %3	1012	3.99	5.51	15.66	18.06
Interest Expended	54513	52629	49992	46475	46808
NII	38953	37263	36578	30870	29347
DIF %4	390	4.54	6.49	26.18	32.73
Employees Cost	12763	10741	11974	11472	9301
Other Operating Expenses	5863	5527	5144	6094	5170
Operating Expenses	18626	16268	17118	17566	14471
Operating Profit	28083	28443	28829	23473	24457
DIF %5	281	-1.27	-2.59	19.64	14.83
Provisions	3063	3884	7007	3901	3073
Profit  before tax	25020	24559	21822	19572	21384
Tax Expense	8232	8232	7287	7568	7385
Net Profit	16788	16327	14535	12004	13999
DIF %6	168	2.82	15.5	39.85	19.92
Face Value (in Rs.)	10	10	10	10	10
Paid-up Equity	4849	4849	4849	4849	4849
Reserves	-	-	-	296197	-
Dividend (%)	-	-	-	220	-
Capital Adequacy Ratio	14.14	14.55	14.83	14.81	16.04
Basic EPS	34.63	33.68	29.98	24.76	28.88
Gross/Net NPA	1061	3091	805	6433	7883
% of Gross/Net NPA	0.04	0.13	0.03	0.28	0.38
Return on Assets	1.45	1.45	1.34	1.12	1.43
Public holding (%)	46.83	46.83	46.83	46.83	46.83

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