J&K Bank Q1 benefit down 86% at Rs 23 cr

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Jammu and Kashmir Bank has reported a 85.6 for each penny dive in net benefit at Rs 22.88 crore for the main quarter finished June 30.

Jammu and Kashmir Bank has reported a 85.6 for every penny dive in net benefit at Rs 22.88 crore for the main quarter finished June 30.

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The Srinagar-headquartered bank had reported Rs 158.76 crore net benefit in the relating quarter last financial.

In any case, the bank fared better when consecutively thought about, as it had reported lost Rs 56.02 crore in the last quarter of the past financial.

All out salary tumbled to Rs 1,789.05 crore amid the quarter under audit as against 1,888.35 crore in the same time frame a year prior, the bank said in an administrative documenting.

Provisioning of Rs 313.70 crore was made for terrible credits in the main quarter over Rs 212.87 crore year prior.

"The specialized discount in gross NPAs of Rs 781.08 crore (March finishing 2016 quarter Rs 315.66 crore and relating past quarter June 2015 Rs 0) have been made in this quarter," the bank said in the recording.

There was resource quality imprint to the bank's accounting report as gross non-performing resources (NPAs) rose to 9.31 for each penny of gross advances as on June 2016, up 6.63 for every penny a year prior. Net NPAs were at 6.19 for each penny of net advances as against 2.95 for every penny a year back.

Gross NPAs remained at Rs 4,714.92 crore in the June quarter against Rs 2,994.50 crore year prior. The net NPAs expanded to Rs 3,023.47 crore from Rs 1,276.76 crore.

Shares of the bank were down 5.24 for every penny at Rs 69.60 in the pre-close session on BSE.

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