J&K Bank Q3 profit climbs 12 pc to Rs 118 cr

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Jammu and Kashmir Bank today reported a 12.4 per cent increase in net profit at Rs 117.6 crore for the third quarter ended December despite an increase in provisions for bad loans.

The figure was Rs 104.6 crore in October-December of 2014-15.

However, total income decreased to Rs 1,806 crore in the reporting quarter, from Rs 1,849.4 crore in the same period last fiscal, the bank said in a statement.

The total provisions excluding income tax rose to Rs 239.7 crore as against Rs 220.4 crore in the year-ago period.

Gross NPA as a percentage of total advances rose significantly to 6.81 per cent, from 5.81 per cent a year earlier.

However, the bank’s net NPA declined 2.60 per cent, from 3.22 per cent at the end of December 2014. (AGENCIES)

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