Bank Stock under Rs 150: Highest-ever DIVIDEND declared after stock split
bank stock under rs 150: highest-ever dividend declared after stock split | jammu and kashmir bank
Bank Stock under Rs 150: Shares of Jammu and Kashmir Bank dipped 1.65 per cent on Monday to trade at Rs 136.95 apiece on NSE after it posted its highest-ever annual profit. The private lender has also announced a dividend of Rs 2.15 per equity share, which is also its highest-ever after stock split in 2104.
The bank had split its shares from face value Rs 10 to Re 1 in 2014. Since then, the bank had paid three dividends – Rs 2.10 in 2015, Rs 1.75 in 2016, and Rs 0.50 in 2023.
Jammu and Kashmir Dividend 2024 Announcement
The Board of Directors of Jammu and Kashmir has declared a dividend for its shareholders.
“The Board of Directors at its meeting herd on May 04, 2024 proposed a dividend of 2.15 per share (previous year 0.50 per share), subject to approval of the members at the ensuing Annual General Meeting,” said the private lender in its regulatory filing.
A dividend is a payment made by a company to its shareholders, usually in the form of cash or additional shares of stock, as a reward for investing in the company. It is typically distributed periodically from the company’s profits.
Jammu and Kashmir Q4 Results 2024
Jammu and Kashmir Bank on Saturday reported a profit of Rs 1,767 crore for fiscal year 2024. It had posted a profit of Rs 1,197 crore last fiscal, which was the highest profit till last year.
Its Managing Director and CEO Baldev Prakash said the net profit surged 48% compared to the previous fiscal.
“Beating its own highest-ever record of profits achieved only last year, the net profit surged in fiscal 2023-24 by 48 per cent to achieve its record profit figure of Rs 1,767 crore,” Prakash told PTI after the bank’s annual results for FY 2023-24 were released bank here.
He said the bank will be sharing the historic profits with its shareholders by making the highest dividend payment of around Rs 236.75 crore this year. The bank witnessed a 10 per cent increase in its total income to Rs 6,029.17 crore from Rs 5,502.09 crore.
Prakash said the bank’s asset quality has improved by bringing the gross non-performing assets to a decadal low of 4.08 per cent, while the net non-performing assets to 0.79 per cent. With a provision coverage ratio (PCR) at 91.58 per cent, Jammu and Kashmir Bank has reiterated its commitment to prudential provisioning and risk mitigation.
On the business growth, Prakash said the bank’s total deposits rose 10.44 per cent year-on-year to Rs 1,34,774.89 crore as of March 31, 2024, from Rs 1,22,037.74 crore recorded a year ago. Its net advances rose 14 per cent to Rs 93,762.51 crore in Q4 for FY2023-24 from Rs 82,285.45 crore a year ago.
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