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Jammu and Kashmir (J&K) Bank has tanked 12% to Rs 1,394 after reporting 58% year-on-year (yoy) drop in net profit at Rs 130 crore in the June quarter due to rise in non-performing assets. The bank had profit of Rs 308 crore in the same quarter last fiscal.
Asset quality of the bank deteriorated in the quarter with gross non-performing (NPA) rising to 4.16% from 1.67%, while net NPA jumped to 2.18% from 0.14%.
Net interest income (interest income minus interest expended) during the quarter under review declined to Rs 638 crore from Rs 655 crore in the corresponding quarter of previous year. Provisions in the quarter increased by nearly seven-fold at Rs 247 crore.
The stock opened at Rs 1,575 and touched a high of Rs 1,639 on NSE, before announcement of June quarter earnings. A combined 575,000 shares changed hands on the counter so far on NSE and BSE.
Asset quality of the bank deteriorated in the quarter with gross non-performing (NPA) rising to 4.16% from 1.67%, while net NPA jumped to 2.18% from 0.14%.
Net interest income (interest income minus interest expended) during the quarter under review declined to Rs 638 crore from Rs 655 crore in the corresponding quarter of previous year. Provisions in the quarter increased by nearly seven-fold at Rs 247 crore.
The stock opened at Rs 1,575 and touched a high of Rs 1,639 on NSE, before announcement of June quarter earnings. A combined 575,000 shares changed hands on the counter so far on NSE and BSE.
