J&K Bank slips on reports of ED raids in Rs 250-crore money-laundering case

According to reports, the premises of a former bank chairperson were among the six places searched by the ED’s Srinagar office

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Jammu & Kashmir (J&K) Bank share price declined marginally on November 30 on reports of the Enforcement Directorate (ED) conducting searches at six places related to the lender in a Rs 250-crore money laundering case.

By November 30 afternoon, 45 lakh shares had changed hands on the BSE and the NSE against the weekly average of 28 lakh shares, data shows.

In the past three months, the private sector lender stock has surged 29 percent against a 2.5 percent rise in the benchmark Sensex.

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However, J&K Bank clarified that their name was inadvertently carried out instead of J&K State Cooperative Bank.

“We would like to clarify to all stakeholders that the news item does not pertain to J&K Bank in any manner,” the management said.

According to reports, the ED searches including those of the premises of a former bank chairperson. The fraud was committed in the name of a fictitious housing society – the River Jhelum Cooperative Housing Building Society. The raids were conducted by the ED’s Srinagar office under the Prevention of Money Laundering Act (PMLA).

ALSO READ: Jammu & Kashmir Bank Q2 results: Net profit up 56.5% at Rs 381 crore

In the September quarter, J&K Bank’s net profit surged 56 percent year-on-year (YoY) to Rs 381 crore, whereas net interest income jumped 11 percent to Rs 1,333.8 crore. Its gross non-performing assets (NPA) stood at 5.2 percent against 5.7 percent in Q1FY24.

Following the results, analysts at Anand Rathi said the credit costs could be favourable for the bank in the medium term.

“Strong margins, improving operating leverage, and lower provisions would keep profitability strong. We model 0.9-1 percent return on asset (RoA) through FY24-26,” the brokerage firm said.

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