KV Correspondent

J&K Bank reports Rs 72 cr profit in Q2

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Srinagar: Jammu & Kashmir Bank today reported a net profit of Rs 71.6 crore for the second quarter ended September 30.

It had posted a loss of Rs 602.40 crore in the July- September quarter of the last financial year.

However, the bank’s total income for the quarter under review declined to Rs 1,771.46 crore from Rs 1,816.67 crore in the year-ago period.

Its gross non-performing assets (GNPAs) declined to 10.8 per cent of gross advances from 11.3 per cent a year ago. Net NPAs also narrowed to 4.76 per cent from 6.81 per cent.

As a result, provisions and contingencies for the quarter came down to Rs 242.87 crore as compared to Rs 992.08 crore in the same quarter a year ago.

The state government holds 59.2 per cent stake in the bank.

Its stock settled at Rs 85.70 per scrip, up 3.38 per cent on BSE.

KV Correspondent

Kashmir Correspondent cover all daily updates for the newspaper

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