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Jammu and Kashmir Bank delivered a strong Q3 FY26 with net profit of ₹587 crore, up 18.7% QoQ, driven by robust credit growth of 17.3% YoY and improving asset quality. GNPA improved to 3.00%, nearing the sub-3% target a quarter early. NIM expanded 6 bps sequentially to 3.62% despite 125 bps of repo rate cuts, aided by deposit repricing. Management maintained FY26 guidance: credit growth 12-15%, NIM 3.65-3.70%, ROA 1.2-1.25%, ROE 15-16%. Key risks include further rate cuts pressuring margins and slower deposit growth constraining loan expansion. The bank plans to raise ₹1,250 crore in capital to support medium-term growth, though some analysts urged delaying to avoid dilution at low valuations.
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Guidance to track
- Management reiterated credit growth guidance of 12-15% for FY26, with a robust pipeline but constrained by deposit growth.
- NIM is expected to be in the range of 3.65-3.70% for FY26, with sequential improvement in Q4 as deposit repricing completes.
- Board approved raising ₹750 crore equity and ₹500 crore Tier-2 capital, with QIP targeted by March 2026 but may spill over.
- Management aims to increase credit-deposit ratio to 76-77% from current 72%, supported by capital raise and deposit growth.
Risks flagged
- Additional repo rate cuts beyond the 125 bps already delivered could compress NIM, though management expects deposit repricing to offset.
- Deposit growth (10.6% YoY) lags credit growth (17.3% YoY), and management flagged that achieving higher credit growth depends on deposit mobilization.
- Analysts raised concerns about raising equity at below-book value, potentially diluting existing shareholders. Management noted the approval is valid for 12 months and they will time the market.
- The special rehabilitation package covered 10,600 borrowers (₹1,400 crore). While management expects these to remain standard, any deterioration could increase credit costs.
Key quotes
- We are on the brink of achieving our GNPA guidance of below 3% for March 2026 a quarter ahead of schedule with GNPA as on December 31st 2025 recorded at 3%.
- I do not intend to go to the market unless I am absolutely ready for it. So please don't be worried about that.
- We have been able to maintain the margins and I guess 3.64 is maybe one of the highest in the industry.
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