Jammu & Kashmir Bank reports 86% fall in Q1 net profit

Jammu & Kashmir Bank has reported results for first quarter ended June 30, 2016.

The bank has reported 85.59% fall in its net profit at Rs 22.88 crore for the quarter ended June 30, 2016 as compared to Rs 158.76 crore for the same quarter in the previous year. Total income of the bank however decreased by 5.26% to Rs 1789.05 crore for the quarter under review from Rs 1888.35 crore for the corresponding quarter of the previous year.

The bank’s gross NPA for the April-June quarter of the current fiscal increased to 9.31%, as compared to 6.63% in the same quarter of the previous year. Besides, bank’s Net NPA stood at 6.19% in Q1FY17.