J&K Bank Registers 22% Rise in Q1 Profit



Recently inaugurated National Business Centre of J&K Bank in Mumbai.
National Business Centre of J&K Bank in Mumbai.

Jammu and Kashmir Bank Ltd (J&K Bank) Monday said its net profit for the June quarter was Rs158.76 crore, up 22 per cent from Rs130.05 crore a year ago.

Crediting lower provisions and contingencies (which fell 13.74% from a year ago to Rs.212.87 crore) for the rise, the bank officials said a Bloomberg poll of seven analysts had estimated that the bank will post a net profit of Rs.163.80 crore for the quarter.

“Non-interest income, which includes commissions and fees, rose 3.5% to Rs.135.63 crore in the June quarter compared with Rs.130.99 crore a year ago,” the official said.

Gross non-performing assets (NPAs) rose 6.63% in the June quarter from 4.16% a year ago, he said. “Net NPAs rose 2.95% from 2.18%.”

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