India's Jammu and Kashmir Bank rises as Sept qtr profit jumps, bad loans reduce

Jammu And Kashmir Bank

21/10/2022 10:16

** Shares of Jammu and Kashmir Bank Ltd  JKBK.NS  rise as
much as 11.6% to 35.15 rupees, their highest since April 5
    ** JKBK reported a profit of 2.43 billion Indian rupees
($29.37 million) for the quarter-ended Sept. 30, compared to
1.11 billion rupees, a year earlier
    ** Interest earned increased to 22.99 billion rupees from
19.90 billion rupees last year
    ** Asset quality improved in the Sept. qtr, with gross bad
loan ratio reducing to 7.67% from 9.09% in the previous quarter
    ** More than 15.6 mln shares change hands by 0900 GMT vs
30-day avg of 2.7 mln shares
    ** Stock down 13.3% so far this year, up to last close
($1 = 82.7350 Indian rupees)
 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))