 "J&K Bank Q2 profit doubles to Rs 243 crore amid fall in bad loans")
Jammu & Kashmir Bank on Friday reported over two-fold jump in net profit at Rs 243.49 crore for September quarter 2022-23 on a healthy growth in interest income and fall in bad loans.
The bank had posted a net profit of Rs 111.09 crore for the year-ago period.
Total income during the quarter rose to Rs 2,444.59 crore from Rs 2,184.20 crore a year ago, J&K Bank said in a regulatory filing.
Interest income grew 15.5 per cent to Rs 2,298.85 crore during the quarter.
Gross non-performing assets (NPAs) were reduced to 7.67 per cent of gross advances as of September 30, 2022 from 8.95 per cent by the end of September 2021.
Net NPAs were also brought down to 2.10 per cent from 3.02 per cent.
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In value terms, gross NPAs stood at Rs 6,064.68 crore in the quarter as against Rs 6,524.87 crore. Net NPAs were Rs 1,566.77 crore, down from Rs 2,063.65 crore in the year-ago period.
The fall in bad loans ratio helped cut the provisions towards NPAs and contingencies for Q2FY23 substantially to Rs 76.90 crore from Rs 175.62 crore a year ago.
The bank's stock was trading 9.05 per cent higher at Rs 34.35 on BSE post earnings announcement.