jammu and kashmir bank result updated

8/3/2019 Jammu and Kashmir Bank Result Updated

1/10

Please refer to important disclosures at the end of this report 1

Particulars (` cr) 3QFY12 2QFY12 % chg (qoq) 3QFY11 % chg (yoy)NII 451 434 3.8 390 15.7Pre-Prov. Profit 324 313 3.5 281 15.2

PAT 213 200 6.8 168 27.0Source: Company, Angel Research

For 3QFY2012, J&K Bank reported healthy 27% growth in its net profit to `213cr,

higher than our expectations, mostly on account of lower-than-estimated

provisioning expenses. Maintenance of asset quality in healthy state, sharp

traction in saving account deposits and largely stable margins were the key

positive takeaways from the results. We recommend an Accumulate on the stock.NIM largely stable; asset quality maintains strong trajectory: The banks advancesmaintained the traction witnessed in 2QFY12, by registering growth of 5.3% qoq

(17.2% yoy). On the deposits side yoy growth was healthy at 19.3%. Though, the

credit-deposit ratio improved by 142bp qoq to 61%, it remains possibly the lowest

amongst peers. Saving account deposits growth was an impressive 10.8% qoq

and 27.3% yoy. CASA deposits grew by healthy 21.1% yoy better than most of the

peers, leading to a 200bp qoq rise in CASA ratio to 40.2%. The banks cost of

deposits rose by 45bp qoq to 6.6%, leading to a decline in reported NIM albeit by

a marginal 6bp qoq to 3.6%. On the asset quality front, the bank maintainedits healthy track record with slippages contained well within manageable

levels at 0.7% as compared to 0.8% in 2QFY2012. Absolute amount of grossNPAs was almost stable sequentially, while net NPAs saw a sharp decrease of24.3% qoq to `47cr. Restructuring at `47cr for the quarter was also amongstthe lowest compared to peers. Provision coverage ratio including technical write-offs was a robust 94%.

Outlook and valuation:At the CMP, the stock is trading at 0.8x FY2013E ABV vis--vis its historic range of 0.81.4x and five-year median of 1.0x. Immediate levers

in the form of increased CD ratio from the current low of 61.1% to higher yielding

advances are likely to provide near-term higher momentum to NII growth for the

bank relative to other mid-size banks. The banks increasing non-J&K exposure

on the asset side poses medium-term concerns. Being amongst the highest

outperformers since December 2010, we believe in relative terms, the stock is

now closer to fair value. Hence, we recommend an Accumulate on the stock witha target price of `877.Key financialsY/E March (` cr) FY2010 FY2011 FY2012E FY2013ENII 1,119 1,544 1,790 1,988% chg 11.9 37.9 16.0 11.0

Net Profit 512 615 794 838% chg 25.0 20.1 29.0 5.6

NIM (%) 2.9 3.4 3.4 3.4

EPS (`) 105.7 126.9 163.7 172.9P/E (x) 7.7 6.4 5.0 4.7

P/ABV (x) 1.3 1.1 1.0 0.8

RoA (%) 1.3 1.3 1.5 1.4

RoE (%) 18.2 19.0 21.0 19.0

Source: Company, Angel Research

ACCUMULATECMP `811

Target Price `877

Investment Period 12 Months

Stock Info

Sector Banking

Market Cap (` cr) 3,912

Beta 0.5

52 Week High / Low 915/645

Avg. Daily Volume 5,396

Face Value (`) 10

BSE Sensex 17,301

Nifty 5,236

Reuters Code JKBK.BO

Bloomberg Code J&KBK@IN

Shareholding Pattern (%)

Promoters 53.2

MF / Banks / Indian Fls 3.0

FII / NRIs / OCBs 25.0

Indian Public / Others 18.9

Abs. (%) 3m 1yr 3yr

Sensex (1.0) (4.0) 83.6

J&K Bank (1.6) 9.4 176.1

Vaibhav Agrawal022 3935 7800 Ext: 6808

[email protected]

Shrinivas Bhutda022 3935 7800 Ext: 6845

[email protected]

Varun Varma022 3935 7800 Ext: 6847

[email protected]

Jammu and Kashmir BankPerformance Highlights

3QFY2012 Result Update | Banking

February 1, 2012


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Jammu and Kashmir Bank | 3QFY2012 Result Update

February 1, 2012 2

Exhibit 1:3QFY2012 performanceParticulars (` cr) 3QFY12 1QFY12 % chg (qoq) 3QFY11 % chg (yoy)Interest earned 1,267 1,156 9.6 935 35.5- on Advances / Bills 880 806 9.2 650 35.4- on investments 375 343 9.4 280 33.7

- on balance with RBI & others 12 7 69.0 5 155.0

Interest Expended 816 721 13.1 545 49.6Net Interest Income 451 434 3.8 390 15.7Other income 74 71 3.4 78 (5.1)Other income excl. treasury 65 63 3.3 60 8.6

- Fee Income 39 34 14.3 40 (4.2)

- Treasury Income 9 8 3.8 18 (50.8)

- Others 26 29 (9.5) 19 35.5

Operating income 524 505 3.7 467 12.3Operating expenses 201 193 4.2 186 7.8- Employee expenses 131 126 4.2 128 2.5

- Other Opex 70 67 4.2 59 19.5

Pre-provision Profit 324 313 3.5 281 15.2Provisions & Contingencies 18 22 (18.7) 31 (40.7)- Provisions for NPAs 15 13 15.4 15 -

- Provisions for Investments (0) 4 (103.3) 0 (193.8)

- Other Provisions 3 5 (31.6) 15 (78.6)

PBT 305 290 5.2 250 22.1Provision for Tax 92 91 1.6 82 12.0PAT 213 200 6.8 168 27.0Effective Tax Rate (%) 30.2 31.3 (107)bp 32.9 (271)bp


Exhibit 2:3QFY2012 Actual vs. Angel estimatesParticulars (` cr) Actual Estimates Var. (%)Net interest income 451 459 (1.7)

Non-interest income 74 80 (7.5)

Operating income 524 538 (2.6)Operating expenses 201 205 (2.0)

Pre-prov. profit 324 333 (2.9)Provisions & cont. 18 36 (49.8)

PBT 305 297 2.8

Prov. for taxes 92 96 (4.3)

PAT 213 201 6.2Source: Company, Angel Research


3/10


February 1, 2012 3

Exhibit 3:3QFY2012 performanceParticulars (` cr) 3QFY12 1QFY12 % chg (qoq) 3QFY11 % chg (yoy)Balance sheetAdvances (

`

cr) 29,734 28,236 5.3 25,363 17.2Deposits (`cr) 48,779 47,425 2.9 40,877 19.3

Credit-to-Deposit Ratio (%) 61.0 59.5 142bp 62.0 (109)bp

Current deposits (`cr) 4,621 4,590 0.7 4,415 4.7

Saving deposits (`cr) 14,974 13,515 10.8 11,760 27.3

CASA deposits (` cr) 19,595 18,105 8.2 16,175 21.1

CASA ratio (%) 40.2 38.2 200bp 39.6 60bp

CAR (%) 13.6 13.6 1bp 15.5 (187)bp

Tier 1 CAR (%) 11.4 11.3 12bp 12.8 (136)bp

Profitability Ratios (%)Cost of deposits 6.6 6.2 45bp 5.1 150bp

Yield on advances 12.2 11.8 35bp 10.7 144bp

Yield on investments 7.6 7.2 35bp 6.5 104bp

Reported NIM 3.6 3.7 (6)bp 3.7 (7)bp

Cost-to-income ratio 38.3 38.1 18bp 39.9 (158)bp

Asset qualityGross NPAs (` cr) 545 542 0.6 504 8.2

Gross NPAs (%) 1.8 1.9 (9)bp 2.0 (15)bp

Net NPAs (`cr) 47 62 (24.3) 11 342.3

Net NPAs (%) 0.2 0.2 (6)bp 0.0 12bp

Provision Coverage Ratio (%) 94.1 92.0 207bp 98.4 (435)bp

Slippage ratio (%) 0.7 0.8 (2)bp 0.6 14bp

NPA to avg. assets (%) 0.1 0.1 1bp 0.1 (2)bp


Moderate business growth; Healthy CASA deposits growth

The banks advances maintained the traction witnessed in 2QFY12, by registering

growth of 5.3% qoq. Even on a yoy basis advances growth was a reasonable

17.2%. On the deposits side yoy growth was healthy at 19.3% (2.9% qoq).

Though, the credit-deposit ratio improved by 142bp qoq to 61%, it remains

possibly the lowest amongst peers. Saving account deposits growth was an

impressive 10.8% qoq and 27.3% yoy, in spite of the management not proceeding

with the plan of raising saving account interest rates post the deregulation by the

RBI. Current account deposit growth was a muted 0.7% qoq and 4.7% yoy. Overall

CASA deposits grew by healthy 21.1% yoy better than most of the peers, leading to

a 200bp qoq improvement in CASA ratio to 40.2%.

The banks outstanding loan book concentration within the J&K state is ~40%,

while that outside the state is ~60%. As margins are higher within the state,

management would like ~50% of loan portfolio concentrated within the J&K state

by the end of FY2012 (though this could be challenging, in our view). The bank is

planning to open 100 new branches in the J&K, in order to increase its low-cost

deposits and maintain its margins going ahead. Management plans to roll out

more than 60 branches in 4QFY2012, to take the branch network to ~625.


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February 1, 2012 4

Management had earlier envisaged a move to hike the saving account interest

rates post the deregulation by the central bank, though the management has now

indicated that it is not planning to raise the rates in the short term.

Exhibit 4:Moderate business growth


Exhibit 5:Healthy CASA growth


NIM declines albeit marginally

The banks cost of deposits rose by 45bp qoq to 6.6% in spite of the strong traction

in CASA deposits, especially the saving account deposits. The yield on advances

witnessed an increase of 35bp qoq to 12.2%. In spite of the ~150bp qoq

improvement in CD ratio, the reported NIM of the bank declined albeit by a

marginal 6bp qoq to 3.6%. Going forward, management exuded confidence in

maintaining margins within the range of 3.5-4.0%.

Exhibit 6:Sharp rise in cost of deposits in 3QFY2012...


Exhibit 7:...leads to a 13bp qoq contraction in NIM


Asset quality remains stable; Slippage ratio declines further

On the asset quality front, the bank maintained its healthy track record with

slippages contained well within manageable levels at 0.7% as compared to

0.8% in 2QFY2012. Absolute amount of gross NPAs was almost stable

sequentially, while net NPAs saw a sharp decrease of 24.3% qoq to `47cr.

Consequently, the Gross and net NPA ratios improved on a sequential basisfrom 1.9% to 1.8% and from 0.22% to 0.16%, respectively. Provisioning

coverage ratio including technical write-offs stood at a healthy 94.1%, one of

the best in the industry.

9.4

3.3 0

.86.9

5.3

3.0

9.3

(3.6

)

10.1

2.9

62.0

58.6

61.3

59.561.0

50.0

53.0

56.0

59.0

62.0

65.0

(5.0)

-

5.0

10.0

15.0

3QFY11 4QFY11 1QFY12 2QFY12 3QFY12

Adv. qoq chg (%) Dep. qoq chg (%) CDR (%, RHS)

39.6

40.5

40.4

38.2

40.2

16.819.4

22.2

10.9

21.1

0.0

10.0

20.0

30.0

37.0

38.0

39.0

40.0

41.0


CASA ratio (%) CASA growth (% yoy, RHS))

5.125.36 5.38

6.17

6.62

4.00

4.50

5.00

5.50

6.00

6.50

7.00


3.70 3.72

3.82

3.693.63

3.00

3.20

3.40

3.60

3.80

4.00



5/10


February 1, 2012 5

The banks outstanding restructured book as of 3QFY2012 stands at ~`1,700cr,

of which just `47cr were restructured during the current quarter. The relatively

higher share of restructured loans, in our view, highlights the concerns of

increasing exposure outside J&K, where rather than relying on its own credit

appraisal, the bank mainly has to go for low-margin syndicated loans.

Management seemed confident of reducing the restructured advances book further

to ~`1,300-`1,400cr over the next 2-3 quarters.

Exhibit 8:Best-in-class asset quality


Exhibit 9:Credit costs remain low


Investment arguments

Robust asset quality

Over the years, the bank has maintained robust asset quality, with the

best-in-industry provision coverage ratio (94.1% as of 3QFY2012). Slippages

declined considerably (0.7% for 3QFY2012 compared to 1.3% for 4QFY2011),

and were lower compared to most other PSU banks. We have factored in slippage

levels of 0.9% and 1.2% for FY2012 and FY2013, respectively.

Strong branch network and legacy Dominant market shareThe bank with ~450 branches has the highest number of branches in J&K (SBI

with 156 comes a distant second). Due to its strong branch network and legacy of

banking relationships, the bank has a dominant 70% market share in deposits in

J&K. CASA deposits constituted strong 47.8% of incremental deposits growth from

FY200411. This strong base of low-cost deposits is expected to sustain relatively

higher NIM of 3.23.4% vs. other mid-size banks.

Outlook and valuation

At the CMP, the stock is trading at 0.8x FY2013E ABV vis--vis its historic range of

0.81.4x and five-year median of 1.0x. Immediate levers in the form of increased

CD ratio from the current low of 61.1% to higher yielding advances are likely to

provide near-term higher momentum to NII growth for the bank relative to other

mid-size banks.

The banks increasing non-J&K exposure on the asset side poses medium-termconcerns. Being amongst the highest outperformers since December 2010, we

believe in relative terms, the stock is now closer to fair value. Hence, werecommend an Accumulate on the stock with a target price of `877.

2.0

2.0

2.0

1.9

1.8

0.0

0.2

0.2

0.2

0.2

98.4

92.7 92.5 92.094.1

70.0

80.0

90.0

100.0

-

0.5

1.0

1.5

2.0

2.5


Gross NPAs (%) Net NPAs (%) PCR (%, RHS)

0.1

0.3

0.2

0.1 0.1

0.0

0.1

0.2

0.3


NPA Provisions to Avg Assets (%)


6/10


February 1, 2012 6

Exhibit 10:Key assumptionsParticulars (%) Earlier estimates Revised estimatesFY2012 FY2013 FY2012 FY2013Credit growth 17.0 16.0 17.0 16.0Deposit growth 12.0 9.0 12.0 9.0

CASA ratio 40.1 40.7 40.1 40.7

NIMs 3.4 3.5 3.4 3.4

Other income growth (11.0) 14.4 (12.2) 9.2

Growth in staff expenses 2.5 13.0 2.5 15.0

Growth in other expenses 17.0 13.0 17.0 15.0

Slippages 1.3 1.6 0.9 1.2

Coverage ratio 91.0 85.0 94.0 87.0

Source: Angel Research

Exhibit 11:Change in estimatesParticulars (` cr) FY2012 FY2013Earlierestimates Revisedestimates Var. (%) Earlierestimates Revisedestimates Var. (%)NII 1,804 1,790 (0.8) 2,004 1,988 (0.8)

Non-interest income 325 320 (1.4) 372 350 (5.9)

Operating income 2,129 2,110 (0.9) 2,376 2,337 (1.6)Operating expenses 812 812 - 918 934 1.8

Pre-prov. profit 1,317 1,298 (1.4) 1,458 1,403 (3.8)Provisions & cont. 190 123 (35.2) 257 162 (36.8)

PBT 1,127 1,175 4.3 1,202 1,241 3.3Prov. for taxes 366 381 4.3 390 403 3.3

PAT 761 794 4.3 812 838 3.3Source: Angel Research

Exhibit 12:P/ABV band

Source: Company, Bloomberg, Angel Research

0

300

600

900

1,200

1,500

Apr-06

Nov-0

6

Jun-0

7

Jan-0

8

Aug-0

8

Mar-09

Oct-09

May-1

0

Dec-1

0

Jul-11

Feb-1

2

Price (`) 0.5x 0.75x 1x 1.25x 1.5x


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February 1, 2012 7

Exhibit 13:Recommendation summaryCompany Reco. CMP(`) Tgt. price(`) Upside(%) FY2013EP/ABV (x) FY2013ETgt P/ABV (x) FY2013EP/E (x) FY2011E-13EEPS CAGR (%) FY2013ERoA (%) FY2013ERoE (%) AxisBk Buy 1,088 1,36125.2 1.8 2.2 9.4 18.2 1.5 20.2

FedBk Neutral 401 - - 1.1 - 8.7 16.2 1.2 13.2

HDFCBk Neutral 497 - - 3.4 - 17.3 30.4 1.8 21.0

ICICIBk* Buy 888 1,061 19.5 1.6 2.0 14.0 19.2 1.3 14.4

SIB Neutral 23 - - 1.1 - 6.9 13.5 0.9 17.5

YesBk Accumulate 335 367 9.3 2.1 2.3 11.1 20.1 1.4 20.6

AllBk Neutral 164 -- 0.7 - 4.6 9.1 0.9 17.3

AndhBk Neutral 102 -- 0.8 - 5.0 (4.8) 0.8 14.6

BOB Buy 755 907 20.1 1.0 1.3 5.8 9.8 1.1 19.3

BOI Neutral 341 - - 1.1 - 7.2 2.3 0.6 13.7

BOM Accumulate 48 53 11.4 0.7 0.8 4.9 26.3 0.7 16.9

CanBk Accumulate 472 528 11.9 0.9 1.1 6.0 (7.4) 0.8 15.8CentBk Neutral 85 - - 0.8 - 5.5 (25.1) 0.4 11.4

CorpBk Accumulate 416 450 8.1 0.7 0.8 4.5 (1.8) 0.8 15.5

DenaBk Neutral 69 - - 0.5 - 3.6 2.4 0.8 14.9

IDBI# Accumulate 100 107 7.2 0.7 0.7 4.9 9.9 0.7 13.4

IndBk Neutral 227 - - 0.9 - 5.4 3.8 1.2 18.4

IOB Neutral 88 - - 0.6 - 4.6 5.3 0.5 12.8

J&KBk Accumulate 811 877 8.1 0.8 0.9 4.7 16.7 1.4 19.0OBC Neutral 269 - - 0.7 - 5.9 (5.9) 0.7 11.3

PNB Accumulate 956 1,036 8.4 1.1 1.2 6.0 6.4 1.0 19.4

SBI* Accumulate 2,077 2,359 13.6 1.7 1.9 10.1 26.0 0.8 17.9

SynBk Accumulate 98 106 8.5 0.6 0.7 4.1 13.7 0.7 16.5

UcoBk Neutral 71 - - 0.9 - 4.6 10.9 0.6 15.4

UnionBk Neutral 234 - - 1.0 - 5.9 0.1 0.7 15.8

UtdBk Accumulate 70 75 7.7 0.7 0.7 4.8 4.3 0.6 12.1

VijBk Reduce 56 52(8.2) 0.8 0.7 6.4 0.7 0.4 11.1

Source: Company, Angel Research; Note:*Target multiples=SOTP Target Price/ABV (including subsidiaries), #Without adjusting for SASF


8/10


February 1, 2012 8

Income statementY/E March (` cr) FY07 FY08 FY09 FY10 FY11E FY12E FY13ENet Interest Income 768 810 1,000 1,119 1,544 1,790 1,988- YoY Growth (%) 15.7 5.5 23.4 11.9 37.9 16.0 11.0Other Income 183 263 261 416 365 320 350- YoY Growth (%) 64.8 44.1 (0.7) 59.2 (12.4) (12.2) 9.2

Operating Income 951 1,074 1,262 1,536 1,908 2,110 2,337- YoY Growth (%) 22.7 13.0 17.5 21.7 24.3 10.6 10.7

Operating Expenses 372 404 471 577 759 812 934- YoY Growth (%) 7.9 8.4 16.7 22.6 31.4 7.0 15.0

Pre - Provision Profit 578 670 791 958 1,149 1,298 1,403- YoY Growth (%) 34.7 15.9 18.0 21.2 20.0 13.0 8.1

Prov. & Cont. 163 94 159 167 215 123 162- YoY Growth (%) (3.1) (42.2) 69.3 4.6 29.1 (42.7) 31.5

Profit Before Tax 415 576 631 792 934 1,175 1,241- YoY Growth (%) 59.0 38.7 9.6 25.3 18.0 25.8 5.6

Prov. for Taxation 141 216 222 279 319 381 403- as a % of PBT 33.9 37.5 35.1 35.3 34.2 32.4 32.4

PAT 274 360 410 512 615 794 838- YoY Growth (%) 55.2 31.2 13.8 25.0 20.1 29.0 5.6

Balance sheetY/E March (` cr) FY07 FY08 FY09 FY10 FY11E FY12E FY13EShare Capital 48 48 48 48 48 48 48Reserves & Surplus 1,960 2,260 2,574 2,962 3,430 4,038 4,679

Deposits 25,194 28,593 33,004 37,237 44,676 50,037 54,540

- Growth (%) 7.3 13.5 15.4 12.8 20.0 12.0 9.0

Borrowings 620 752 997 500 505 424 463

Tier 2 Capital - - - 600 600 672 732

Other Liab. & Prov. 823 1,102 1,070 1,199 1,249 1,350 1,371

Total Liabilities 28,647 32,756 37,693 42,547 50,508 56,569 61,835Cash Balances 1,855 3,220 2,303 2,745 2,975 3,252 3,545

Bank Balances 1,759 1,217 2,972 1,870 574 1,131 1,237

Investments 7,392 8,758 10,736 13,956 19,696 20,354 20,222

Advances 17,080 18,883 20,930 23,057 26,194 30,647

- Growth (%) 17.9 10.6 10.8 10.2 13.6 17.0 16.0

Fixed Assets 183 192 199 204 394 428 454

Other Assets 377 486 552 715 676 757 828

Total Assets 28,647 32,756 37,693 42,547 50,508 56,569 61,835- Growth (%) 8.3 14.3 15.1 12.9 18.7 12.0 9.3


9/10


February 1, 2012 9

Ratio analysisY/E March FY07 FY08 FY09 FY10 FY11E FY12E FY13EProfitability ratios (%)NIMs 2.9 2.7 2.9 2.9 3.4 3.4 3.4Cost to Income Ratio 39.2 37.6 37.3 37.6 39.8 38.5 40.0

RoA 1.0 1.2 1.2 1.3 1.3 1.5 1.4

RoE 15.2 18.2 17.4 18.2 19.0 21.0 19.0

B/S ratios (%)CASA Ratio 37.0 39.2 38.1 40.7 40.5 40.1 40.7

Credit/Deposit Ratio 67.8 66.0 63.4 61.9 58.6 61.2 65.2

CAR 13.2 12.8 14.5 15.9 13.7 14.3 15.0

- Tier I 12.6 12.1 13.8 12.8 11.3 11.9 12.6

Asset quality (%)Gross NPAs 2.9 2.5 2.6 2.0 1.9 2.0 2.3

Net NPAs 1.1 1.1 1.4 0.3 0.2 0.2 0.4

Slippages 1.9 1.3 2.1 0.9 1.2 0.9 1.2

NPA Prov./Avg. Assets 0.3 0.1 0.2 0.4 0.3 0.1 0.2

Provision Coverage 61.4 58.0 48.6 90.1 92.7 94.0 87.0

Per Share Data (`)EPS 56.6 74.2 84.5 105.7 126.9 163.7 172.9

ABVPS 400.2 459.2 510.4 620.8 717.4 842.7 9

DPS 11.5 15.5 16.9 22.0 26.0 33.0 35.0

Valuation RatiosPER (x) 14.3 10.9 9.6 7.7 6.4 5.0 4.7

P/ABVPS (x) 2.0 1.8 1.6 1.3 1.1 1.0 0.8

Dividend Yield 1.4 1.9 2.1 2.7 3.2 4.1 4.3

DuPont Analysis (%)NII 2.8 2.7 2.9 2.8 3.3 3.3 3.4

(-) Prov. Exp. 0.6 0.3 0.5 0.4 0.5 0.2 0.3

Adj. NII 2.2 2.3 2.4 2.4 2.9 3.1 3

Treasury 0.1 0.3 0.2 0.4 0.2 0.0 0.0

Int. Sens. Inc. 2.3 2.6 2.6 2.8 3.1 3.2 3.1

Other Inc. 0.5 0.6 0.5 0.6 0.6 0.6 0.5

Op. Inc. 2.9 3.2 3.2 3.4 3.6 3.7 3.7

Opex 1.4 1.3 1.3 1.4 1.6 1.5 1.6PBT 1.5 1.9 1.8 2.0 2.0 2.2 2.1

Taxes 0.5 0.7 0.6 0.7 0.7 0.7 0.7

RoA 1.0 1.2 1.2 1.3 1.3 1.5 1.4Leverage (x) 15.2 15.4 14.9 14.2 14.3 14.2 13.4

RoE 15.2 18.2 17.4 18.2 19.0 21.0 19.0


10/10


February 1, 2012 10

Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com

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Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to thelatest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may haveinvestment positions in the stocks recommended in this report.

Disclosure of Interest Statement Jammu & Kashmir Bank

1. Analyst ownership of the stock No

2. Angel and its Group companies ownership of the stock No

3. Angel and its Group companies' Directors ownership of the stock No

4. Broking relationship with company covered No

Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to 15%) Sell (< -15%)

Note: We have not considered any Exposure below `1 lakh for Angel, its Group companies and Directors

jammu and kashmir bank result updated

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