JK Bank sees a sharp 86 percent drop in profits

Jammu, August 11: Financial year’s quarterly ending on 3 June did not mean good news for Jammu and Kashmir Bank Private Ltd as the organization saw a sharp fall in profits which are of the order of a staggering 86.6 percent compared to last years of the corresponding time.

This year’s quarterly profits for the bank stand at Rs 22.88 crore whereas for the corresponding quarter last year, the bank had registered profits of Rs. 158.76 crore.

The fall in profits also reflected in J&K Bank’s shares which went down by 7.2 percent to close at Rs. 86.35. The shares at Bombay Stock Exchange (BSE) also fell by 5.24 percent to close at Rs 69.60.

The bank had registered losses worth Rs 56.02 crore in the last quarterly of the previous financial year, however, the profits in this quarterly are being seen as an improvement.

According to official figures circulated by the Srinagar headquarters, the income of the bank stood at Rs 1789.05 crore and for the corresponding quarterly last year, the income was Rs 1888.35 crore.

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