J&K Bank share price increases, reports robust growth in advances for Q2

Srinagar: Jammu & Kashmir Bank shares have surged by 3.79 per cent in early trade on October 5.

J&K Bank reported a 9.40 per cent rise in deposits, totalling Rs 126,589.38 crore. CASA deposits came in at Rs 64,067.68 crore, up 1.24 percent from Q2FY23.

Jammu and Kashmir Bank experienced a 15.88 per cent jump in advances, reaching Rs 91,679.87 crore. This growth rate outpaced the banking system’s 15.1 per cent increase in advances up to September 8, 2023, as per data from the Reserve Bank of India.

The Bank’s share price grew by a meteoric 279.2 percent over the past year, compared to the Nifty’s one-year run at 12.5 percent. Over the past six months, the stock soared 111.29 percent, more than doubling investors’ wealth.
The counter’s RSI is currently at 62.1, showing that the stock is not in the oversold or overbought territory. However, the stock sees in its trading, shown by its one-year beta of 1.68. The stock is also positioned above all crucial moving averages.
Based on the shareholding data from the June quarter, the promoters consistently held a 63.4 percent interest over quarters. FIIs have a 2.2 percent stake, DIIs own 2.4 percent, and the general public holds 32 percent in the public sector bank.