Heavy buying witnessed: This stock posts highest ever net profit!

The bank has witnessed significant buying activity as it surged more than 85 per cent in just 1 year

On Friday, shares of Jammu & Kashmir Bank surged more than 4.5 per cent to make an intraday high of Rs 62.33 apiece on BSE. The scrip witnessed massive spurt in volume.  

J&K Bank has achieved its highest-ever net profit of Rs 1197 crore for the FY 2022-23, with good recoveries aiding the result. Additionally, the bank recorded a net profit of Rs 476 crore for the January-March quarter of the same fiscal year. The bank's Net Interest Margin (NIM) for the FY 2022-23 improved to 3.89 per cent from 3.50 per cent last year, contributing to an 18 per cent YoY increase in operating income to Rs 5502 crore. 

The Net Interest Income (NII) also grew by 21 per cent YoY to Rs 4745 crore. The bank's Yield on Advances increased annually to 8.91 per cent from 8.32 per cent, while the CD and CASA ratios were 67.43 per cent and 54.10 per cent, respectively, for the reviewed financial year. 

The Bank's advances grew by 17 per cent to Rs 82285 crore, with the growth rate surpassing that of deposits. Deposits increased by around 6 per cent to Rs 122038 crore, resulting in a 10 per cent growth in the Bank's overall business. 

Jammu & Kashmir Bank (J&K Bank), incorporated in Jammu & Kashmir, India, is a publicly held banking company engaged in providing a wide range of banking services including Retail Banking, Corporate Banking & Treasury Operations.  

The bank has witnessed significant buying activity as it surged more than 85 per cent in just 1 year and more than 39 per cent in just 6 months. Keep a close eye on this trending stock.