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J&K Bank's March qtr net loss at Rs 56 cr

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Press Trust of India New Delhi
Last Updated : May 24 2016 | 4:48 PM IST
Jammu & Kashmir Bank today reported a net loss of Rs 56.02 crore in the quarter ended March 31, due to rise in bad loans.
The bank had posted a net profit of Rs 101.61 crore in the January-March quarter of 2014-15 fiscal.
Total income of the bank decreased to Rs 1,805.33 crore in the three-month period as against Rs 2,023.50 crore in the year-ago period.
As of March 2016, the bank's gross non-performing assets (NPAs) soared to Rs 4,368.62 crore (8.32 per cent of gross advances) as against Rs 3,339.45 crore (6.81 per cent) a year ago.
Provisioning for bad loans and contingencies rose to Rs 397.11 crore during the fourth quarter as against Rs 239.67 crore in the year-ago period.
For full 2015-16 fiscal, the bank posted a net profit of Rs 416.04 crore, down 18.2 per cent, from Rs 508.60 crore in the preceding fiscal.

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Total income declined to Rs 7,347.60 crore in the reported fiscal as against Rs 7,655.10 crore in 2014-15 fiscal.
In a separate filing, Jammu & Kashmir Bank said its Board of Directors at its meeting held today have recommended a dividend of Rs 1.75 per cent per share for year 2015-16.
J&K Bank stock today closed 4.17 per cent down at Rs 58.65 on BSE.

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First Published: May 24 2016 | 4:48 PM IST

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