 "Jammu & Kashmir Bank dips on disappointing Q4 results")
Shares of Jammu & Kashmir (J&K) Bank dipped 5% to Rs 98.40 on the National Stock Exchange (NSE) in early morning trades after the bank reported a sharp 60% year-on-year decline in net profit at Rs 102 crore for the quarter ended March, 2015 (Q4), on account of higher provision for bad loans. The bank had posted a net profit of Rs 251 crore for the corresponding period a year ago.
Total provisions excluding income tax rose more than six-fold to Rs 381 crore during the quarter as against Rs 61 crore in the year-ago period.
Net interest income (interest earned minus interest expended) too declined 2.6% to Rs 683 crore during the quarter as against Rs 701 crore in the corresponding quarter of the previous fiscal.
Meanwhile, the bank said its net non performing assets (NPA) as percentage of total advances declined to 2.77% in the March 2015 quarter against 3.22% in December 2014 quarter. Gross NPAs however rose 5.97% from 5.81% in the previous quarter.
Gross and Net NPAs stood at 1.66% and 0.22% respectively in the same quarter a year ago.
The stock opened at Rs 102 and touched a low of Rs 96 on the NSE. Till 0916 hours, a combined 55,602 shares changed hands on the counter on the NSE and BSE.
Total provisions excluding income tax rose more than six-fold to Rs 381 crore during the quarter as against Rs 61 crore in the year-ago period.
Net interest income (interest earned minus interest expended) too declined 2.6% to Rs 683 crore during the quarter as against Rs 701 crore in the corresponding quarter of the previous fiscal.
Meanwhile, the bank said its net non performing assets (NPA) as percentage of total advances declined to 2.77% in the March 2015 quarter against 3.22% in December 2014 quarter. Gross NPAs however rose 5.97% from 5.81% in the previous quarter.
Gross and Net NPAs stood at 1.66% and 0.22% respectively in the same quarter a year ago.
The stock opened at Rs 102 and touched a low of Rs 96 on the NSE. Till 0916 hours, a combined 55,602 shares changed hands on the counter on the NSE and BSE.