STOCK MARKET BSE NSE

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

Published: 24th May 2016 04:56 PM  |   Last Updated: 24th May 2016 04:56 PM   |  A+A-

By PTI

NEW DELHI: 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.

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.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp