Jammu & Kashmir Bank Net Down 43 Per Cent at Rs 172 Crore

New Delhi: Jammu & Kashmir Bank on Wednesday reported a 43 per cent decline in net profit at Rs 172.30 crore for the second quarter that ended on September 30, 2014, due to higher provisioning towards bad loans.

The lender had registered a net profit of Rs 302.66 crore for the corresponding quarter a year ago.

"Total income has increased from Rs 1,749.22 crore for the quarter ended September 30, 2013 to Rs 1,883.16 crore for the quarter ended September 30, 2014," it said in a filing to the BSE.

On asset quality, gross non-performing assets (NPAs) or bad loans rose to 4.73 per cent of total advances in the quarter under review as against 1.69 per cent in the year-ago period.

Net NPAs rose to 2.46 per cent from 0.19 per cent a year ago.

The bank increased the provisions towards bad loans and contingencies to Rs 167.60 crore, up from Rs 55.68 crore a year ago.

Shares in J&K Bank, on Wednesday, ended at Rs 138.20 apiece on the BSE, down 0.4 per cent from the previous close.