Jammu & Kashmir Bank today reported a significant jump in net loss to Rs 554.30 crore in the fourth quarter ended March 31, due to rise in bad loans.
Jammu & Kashmir Bank today reported a significant jump in net loss to Rs 554.30 crore in the fourth quarter ended March 31, due to rise in bad loans. The bank had posted a net loss of Rs 56.02 crore in the January-March quarter of 2015-16 fiscal.
Total income of the bank fell marginally to Rs 1,802.74 crore in the quarter under review as against Rs 1,805.33 crore in the year-ago period. The asset quality deteriorated further as gross non- performing assets rose to 11.20 per cent of gross advances during the quarter, from 8.3 per cent in the year-ago period. In absolute terms, gross NPAs were Rs 6,000 crore in the March quarter as against Rs 4,369 crore last year.
Provisioning for bad loans and contingencies rose to Rs 768.25 crore during the fourth quarter as against Rs 397.11 crore in the year-ago period. For full 2016-17 fiscal, the bank posted a net loss of Rs 1,632.29 crore as against a net profit of Rs 416.04 crore in the preceding fiscal. Total income declined to Rs 7,178.66 crore in the reported fiscal as against Rs 7,347.60 crore in 2015-16 fiscal.