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J&K BANK Announces Quarterly Results (3QFY19); Net Profit Up 43.2%

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J&K BANK Announces Quarterly Results (3QFY19); Net Profit Up 43.2%
Mon, 14 Jan

J&K BANK has announced its results for the quarter ended December 2018. Here is a detailed performance review of the same:

J&K BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-17*
3
Sep-18*
3
Dec-18*
QoQ ChangeYoY Change
Operating incomeRs m16,83018,40120,0278.8%19.0%
Other incomeRs m1,0781,1121,63547.0%51.7%
Total revenuesRs m17,90819,51321,66211.0%21.0%
InterestRs m9,02810,48211,2117.0%24.2%
Gross Profit Rs m7,8027,9198,81611.3%13.0%
Other expensesRs m5,0535,6046,20210.7%22.8%
Profit before taxRs m1,3261,7031,7211.1%29.8%
TaxRs m602765684-10.7%13.6%
Profit after taxRs m7259381,03810.7%43.2%
Gross profit margin %46.443.044.0
Effective tax rate%45.444.939.7
Net profit margin%4.35.15.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The bank's operating income (interest earned) during the quarter grew 19.0% on a year-on-year (YoY) basis. The interest expended was up by 24.2% YoY during the same period.
  • The bank's operating profit increased by 13.0% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 44.0% in 3QFY19 as against 46.4% in 3QFY18.
  • Other income increased by 51.7% YoY during the quarter.
  • Net profit for the quarter increased by 43.2% YoY. Net profit margins during the quarter increased from 4.3% in 3QFY18 to 5.2% in 3QFY19.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 8.8% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 7.0% QoQ during the same period.
  • The bank's operating profit increased by 11.3% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 44.0% in 3QFY19 as against 43.0% in 2QFY18.
  • Net profit for the quarter increased by 10.7% QoQ, while net profit margins increased from 5.1% in 2QFY18 to 5.2% in 3QFY19.

To see how J&K BANK has performed over the last eight quarters, please visit here.

J&K BANK Share Price Performance

Over the last one year, J&K BANK share price has moved up from Rs 81.3 to Rs 37.3, registering a Loss of Rs 44.0 or around 54.1%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 30,588.5 (down 0.7%). Over the last one year it has moved up from 29,097.6 to 30,588.5, a gain of 1,491 points (up 5.1%).

Overall, the S&P BSE SENSEX is up 3.8% over the year.

Current Valuations

At the current price of Rs 37.3, the price to earnings (P/E) ratio of J&K BANK stands at 6.5 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 0.3 times.

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