Jammu and Kashmir Bank today reported 67.43 per cent decline in net profit at Rs 104.64 crore for the third quarter ended December 31, 2014-15, on account of rise in bad loans.
The bank’s net profit was Rs 321.29 crore in the October- December quarter of 2013-14 financial year.
Gross NPAs as a percentage to total advances rose significantly to 5.81 per cent, from 1.65 per cent in the same quarter an year ago.
The bank’s net NPAs went up to 3.22 per cent from 0.22 per cent at the end of December 2013.
The total provisions, excluding for income tax, rose to Rs 220.39 crore as against Rs 4.60 crore in the year-ago period.
Operating profit of the bank declined to Rs 380.53 crore as against Rs 440.84 crore in the year-ago period.
Total income has increased to Rs 1,849.44 crore during quarter ended December, from Rs 1,802.97 crore in the same period last fiscal, the bank said in a BSE filing.
The J&K government holds 53.17 per cent stake in the bank.