J&K Bank shows loss in fourth quarter after bad loans

J&K Bank shows loss in fourth quarter after bad loans

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.

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