J&K Bank’s profit falls 57 percent in 2014-15

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Jammu and Kashmir Bank’s profit falls 57 percent

Srinagar: Jammu and Kashmir Bank Ltd on Saturday said its net profit in 2014-15 declined by nearly 57 percent at Rs.508.6 crore against Rs.1,182.47 crore in 2013-14.

The bank’s total income for the timeframe under review, however, registered an increase by nearly seven percent at Rs.7,655.10 crore compared to Rs.7,157.26 crore in 2013-14.

The amount of net non-performing assets, in the review period jumped substantially by 1,112 percent to Rs.1,236.32 crore against Rs.101.99 crore in 2013-14.

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During 2014-15, its cash balance with the Reserve Bank of India also showed a decline by 22 percent at Rs.2,373 crore in comparison to Rs.3,045.59 crore in 2013-14.