Jammu & Kashmir Bank reports 58% fall in Q1 net profit at Rs 21.8 crore

State-run Jammu & Kashmir Bank on Saturday reported a 58 per cent fall in its net profit to Rs 21.87 crore in the first quarter of 2019-20 due to a rise in provisions for bad loans.

The bank had posted a net profit of Rs 52.59 crore in the April-June quarter of the previous fiscal.

Total income during the first quarter of 2019-20 rose to Rs 2,256.25 crore from Rs 1,897.24 crore in the same period of 2018-19, the bank said in a release.

On asset front, gross non performing assets fell to 8.48 per cent of gross advances as on June 2019, as against 9.83 per cent by June end 2018.

Net NPAs also came down to Rs 4.36 per cent from 4.46 per cent a year ago.

However, the provisioning for bad loans and contingencies moved up to Rs 293.21 crore in the June quarter from Rs 255.01 crore in the same quarter of previous fiscal.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel