JS BANK LIMITED
Following is the text of press release issued by
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The ratings reflect relative position of
There was a potential drag of mark to market losses, which has evaporated as of today. The bank was able to cover up its losses incurred during the year while approaching towards the closure of the year end. The strategy of the bank is i) consolidate advances book and replace it with liquid collateralized advances to maintain CAR, ii) build non-fund based income; and iii) hold strength in treasury operations. The challenge to profitability in CY19 was dried return of capital gains. The bank expects the profits to be boosted from growing direct and ancillary business.
Total CAR, on stand alone basis stood at 12.93% (Tier-I at 10.33% as at Dec19) Needs to beef up to make room for future growth. Covid-19 has posed challenges to the banking sector, as almost all segments of the economy, worldwide and domestically, are getting negatively impacted. The ramifications would continue to unfold, warranting vigilance and timely actions where needed.
Ratings are dependent on
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