Jammu & Kashmir bank Q1 net up 22% at Rs 159 crore

Jammu & Kashmir bank today reported 22% rise in net profit at Rs 158.76 crore for the first quarter ended June 30, 2015, against Rs 130.05 crore in the corresponding quarter of previous fiscal.

However, total income of the bank fell in the first quarter to Rs 1,888.35 crore as against Rs 1,899 crore a year ago, because of a higher tax outgo.

The tax expenses during April-June period of current fiscal rose to Rs 86.68 crore from Rs 70.70 crore a year ago, the bank said in a BSE filing.

Meanwhile, the asset quality of the bank slipped further as gross non-performing assets (NPAs) were at 6.63% of gross advances as against 4.16% a year earlier.

Net NPAs or bad loans too were higher at 2.95% of net advances as against 2.18% a year ago.

Jammu & Kashmir Bank scrips traded at Rs 112 a share of BSE, up 2.10% from previous close.