Jammu & Kashmir Bank reports 58% fall in Q1 net profit

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.

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.

Source: Online Reports