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| JK Bank share reaches all time high | | | Early Times Reporter
Jammu | Dec 10
Crossing Rs.900 mark at the National Stock Exchange, the Jammu and Kashmir Bank share today reached to its all time high of Rs.928. 60 before closing at Rs.878.75
The share price of the bank appreciated considerably since December 2005 when it closed at Rs.485.10 at NSE and Rs.484. 35 at VSE on December 9, 2005.
Chairman and Chief Executive of the Bank Dr. Haseeb Drabu said ‘The bank would continue to focus on Jammu and Kashmir as yields are better here than in other parts of the country. The bank gets about 400 basis points yield or interest rate arbitrage in Jammu and Kashmir alone adding that the share of lost cost deposit for the bank in its home state is 65 per cent against the national average of 40 per cent. The growth in the region is mainly from small and medium industries as they enjoy certain tax benefits, he said, adding that the bank plans to boost its fee income to 25 per cent of the total income by 2010 from the current 14-15 percent.
‘The bank requires capital in the range of Rs.600-700 crore for its various needs’ , Dr Drabu said and added that the capital will be used to fund advances growth, subsidiaries and expansion.
He said the bank also plans to come out with its $ 100 million issue of global depositary receipts by mid- December 2007 when the bank will appoint its investment bankers and merchant bankers. |
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