Jammu & Kashmir Bank net down 43% at Rs 172 crore

Jammu & Kashmir Bank has reported a 43 per cent decline in its net profit at Rs 172.30 crore for the second quarter ended September 30 due to higher provisioning towards bad loans.

The bank had reported a net profit of Rs 302.66 crore in the corresponding July-September quarter in the previous fiscal.

"Total income has increased from Rs 1,749.22 crore for the quarter ended September 30, 2013 to Rs 1,883.16 crore for the quarter ended September 30, 2014," it said in a filing to the BSE.

On the asset quality, bank's gross non-performing assets (NPAs) or bad loans rose to 4.73 per cent of total advances in Q2 of FY15, from 1.69 per cent in the year-ago period.
 

Net NPAs went up to 2.46 per cent from 0.19 per cent a year ago.

The bank increased the provisions towards bad loans and contingencies to 167.60 crore, up from Rs 55.68 crore a year ago.

Scrips of J&K Bank closed 0.4 per cent lower at Rs 138.20 per share on the BSE today.