J&K Bank Q4 net profit jumps over seven-fold to Rs 215 cr

Jammu & Kashmir Bank Wednesday reported over seven-fold jump in its net profit at Rs 214.80 crore in fourth quarter of the fiscal ended March 2019.

The bank had posted a net profit of Rs 28.41 crore in the January-March period of 2017-18.

Total income during the March quarter rose to Rs 2,473.47 crore as compared with Rs 1,763.95 crore in the same period of 2017-18, the bank said in a regulatory filing.

For fiscal 2018-19, the net profit more than doubled to Rs 464.89 crore from Rs 202.72 crore in the preceding fiscal.

Total income during the fiscal rose to Rs 8,444.19 crore from Rs 7,116.71 crore in 2017-18.

The bank's gross non-performing assets (NPAs) or bad loans declined to 8.97 per cent of gross advances at the end of March 2019 from 9.96 per cent a year ago. Net NPAs stood at 4.89 per cent as against 4.90 per cent.

The state-owned lender said its board of directors approved raising additional tier I/II capital to the tune of Rs 1,600 crore, subject to the approval of shareholders.

Shares of Jammu & Kashmir Bank Wednesday closed 2.95 per cent higher at Rs 54.15 on the BSE.