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Anand Rathi Report
A decent Q1 operating performance (including negative provisions) led to Jammu & Kashmir Bank Ltd. strong profitability with 1.08% return of assets.
Headline asset quality and provision coverage ratio improved. Given its strong liability franchise and dominant distribution network in its home state, we think it would keep gaining market share.
Our sanguine view of the bank continues, with a 12- months Rs 155 target price, 1.1 times price/adjusted book value on its FY26e book.
Risks: Lumpy slippages from the corporate book/co-lending book, slower credit growth.
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