Any current/future new fundraising through debt or equity?

The bank has board approval to raise ₹750 Crores via equity capital and plans to complete this within the current quarter. The management is working on raising the ₹750 Crores equity capital exercise, aiming to complete it in the near term. For subordinated debt (Tier 2 bonds), no final decision has been made yet; the bank may not need to raise them this year but will revisit in the last quarter. ESPS (Employee Stock Purchase Scheme) proceeds totaling 43 basis points to CET 1 capital will be accounted for soon, which supports capital adequacy. No immediate large debt fundraising is men

Any current/future capex/capital investment/strategic investment?

The government has approved Rs. 30,000 Crores for new units in Jammu & Kashmir, some financed by the bank, though physical impact is expected over about a year. The bank is opening around 17 new branches in the rest of India this year to support liability franchise and home loan portfolio growth. Capital raising: The bank plans to raise Rs. 750 Crores equity capital in the current quarter, with no final call yet on tier-2 bond issuance. Strategic partnerships: The bank is working on tie-ups with fintech companies for liability solutions and improving technology, including QR code and cos

Future growth expectations in sales/revenue/volumes?

Overall business growth targeted around 17%-18% YoY, aligned with industry trends. Advances growth at 18% YoY with focus on high-rated corporates and retail segments. Rest of India expected to experience slightly better growth due to larger ticket sizes. Home territory (J&K and Ladakh) forecasted to have improved growth driven by: - Renovation and construction activities in housing. - Growth in horticulture and agriculture sectors, especially high-density apple farming. - Strong tourism growth targeting over 2.25 crore tourists in the year, boosting hospitality and related sectors. Growt

Future growth expectations in earnings/operating earnings/profits/EPS?

The bank projects sustained improvement in financial parameters with advances growing at 18% YoY and deposits at 9%, aligning with industry trends. Net Interest Margin (NIM) improved to 4.07% for Q2 and 4.03% for H1, slightly better than guidance, with confidence to maintain margins supported by increasing loan-to-deposit ratio and higher yields on investments. Cost-to-income ratio targeted to improve gradually, aiming around 60% by fiscal year-end, with potential further improvements through technology-driven efficiency and employee cost optimization. Credit costs expected to remain low

Current/ Expected Orderbook/ Pending Orders?

The transcript does not provide specific details about the current or expected order book or pending orders of Jammu & Kashmir Bank. However, references indicate ongoing project approvals and emerging traction in sectors like infrastructure and hospitality in Jammu & Kashmir. The government has approved around ₹30,000 Crores for new units, some financed by the bank, with visible traction expected to materialize in about a year. On hospitality, there are a few large hotel projects under enquiry, especially in areas like Calgam and Jim Nagar, alongside a growing trend in homestays in interior

Jammu and Kashmir Bank LtdQ2 FY24Banks

Jammu and Kashmir Bank Ltd Q2 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹139.35P/E: 6.7Market Cap: ₹15.4K CrSector: Banks

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

Overall business growth targeted around 17%-18% YoY, aligned with industry trends.
Advances growth at 18% YoY with focus on high-rated corporates and retail segments.
Rest of India expected to experience slightly better growth due to larger ticket sizes.
Home territory (J&K and Ladakh) forecasted to have improved growth driven by:
- Renovation and construction activities in housing.
- Growth in horticulture and agriculture sectors, especially high-density apple farming.
- Strong tourism growth targeting over 2.25 crore tourists in the year, boosting hospitality and related sectors.
Growth supported by opening 17 new branches outside home territory focusing on liabilities and home loans.
Credit-deposit ratio expected to increase to ~72% by March 2024, aiding margin and volume growth.
Strategic infrastructure projects in J&K and Ladakh, including rail connectivity in 2024, to support economic activity and lending opportunities.

Margin guidance

Category 3

The bank projects sustained improvement in financial parameters with advances growing at 18% YoY and deposits at 9%, aligning with industry trends.
Net Interest Margin (NIM) improved to 4.07% for Q2 and 4.03% for H1, slightly better than guidance, with confidence to maintain margins supported by increasing loan-to-deposit ratio and higher yields on investments.
Cost-to-income ratio targeted to improve gradually, aiming around 60% by fiscal year-end, with potential further improvements through technology-driven efficiency and employee cost optimization.
Credit costs expected to remain low, under 10 basis points for FY24, moving towards a normal banking curve with 50-60 basis points by FY26-28.
Profit after tax grew 73% YoY in H1; positive outlook supported by recoveries and resolutions of NPAs anticipated in H2 and beyond.
Equity capital raise of ₹750 Crores underway to strengthen capital adequacy and support growth.

See what Jammu and Kashmir Bank Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

The bank has board approval to raise ₹750 Crores via equity capital and plans to complete this within the current quarter.
The management is working on raising the ₹750 Crores equity capital exercise, aiming to complete it in the near term.
For subordinated debt (Tier 2 bonds), no final decision has been made yet; the bank may not need to raise them this year but will revisit in the last quarter.
ESPS (Employee Stock Purchase Scheme) proceeds totaling 43 basis points to CET 1 capital will be accounted for soon, which supports capital adequacy.
No immediate large debt fundraising is mentioned, but equity capital raising is actively underway to strengthen the capital base.

Order book

The transcript does not provide specific details about the current or expected order book or pending orders of Jammu & Kashmir Bank.
However, references indicate ongoing project approvals and emerging traction in sectors like infrastructure and hospitality in Jammu & Kashmir.
The government has approved around ₹30,000 Crores for new units, some financed by the bank, with visible traction expected to materialize in about a year.
On hospitality, there are a few large hotel projects under enquiry, especially in areas like Calgam and Jim Nagar, alongside a growing trend in homestays in interior regions.
Discussions about financing and project approvals continue with government and promoters, but exact order book numbers or pending contract details are not disclosed in the provided pages.

See what Jammu and Kashmir Bank Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

The government has approved Rs. 30,000 Crores for new units in Jammu & Kashmir, some financed by the bank, though physical impact is expected over about a year.
The bank is opening around 17 new branches in the rest of India this year to support liability franchise and home loan portfolio growth.
Capital raising: The bank plans to raise Rs. 750 Crores equity capital in the current quarter, with no final call yet on tier-2 bond issuance.
Strategic partnerships: The bank is working on tie-ups with fintech companies for liability solutions and improving technology, including QR code and cost machines to grow current accounts.
Infrastructure spend in J&K, including the Udhampur-Baramulla rail link expected in early 2024, will boost tourism, trade, and economic activities benefiting the bank’s sectors.
Focus on technology investments aimed at improving staff productivity and shifting transactions to digital platforms.

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Jammu and Kashmir Bank Ltd Q2 FY24 Earnings Call Analysis

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