Also read:IDBI Bank says it can’t confirm or deny report on government’s stake sale
Stake to reduce
Following completion of the transaction, Jammu and Kashmir Bank’s holding in PNB MetLife will decline to 2.534% from 3.034%. The bank said the sale will not result in a change in control of PNB MetLife and is not a related-party transaction. PNB MetLife is a life insurance company regulated by the Insurance Regulatory and Development Authority of India.
Also read:Anand Rathi Shares Q1 Results: Core income up 47% despite modest profit growth
In May, Jammu and Kashmir Bank reported a 36.5% year-on-year increase in fourth-quarter net profit to ₹798 crore from ₹585 crore a year earlier, while net interest income rose 0.5% to ₹1,487.5 crore from ₹1,480 crore.
Indian equity benchmarks ended lower on Tuesday, with the BSE Sensex falling 0.72% to 77,054.94 and the Nifty Bank index declining 1.15% to 57,462.30. Jammu and Kashmir Bank shares closed at ₹178.20, down 2.41% from the previous close.
Meanwhile, the second-quarter earnings season gathered pace in the US banking sector, with Goldman Sachs reporting a 78% year-on-year rise in profit to $6.6 billion, while JPMorgan Chase posted a record quarterly profit of $21.2 billion, up 41% from a year earlier.
