J&K Bank reports Rs 72 crore profit in Q2

Jammu & Kashmir Bank today reported a net profit of Rs 71.6 crore for the second quarter ended September 30.

It had posted a loss of Rs 602.40 crore in the July- September quarter of the last financial year.

However, the bank's total income for the quarter under review declined to Rs 1,771.46 crore from Rs 1,816.67 crore in the year-ago period.

Its gross non-performing assets (GNPAs) declined to 10.8 per cent of gross advances from 11.3 per cent a year ago. Net NPAs also narrowed to 4.76 per cent from 6.81 per cent.

As a result, provisions and contingencies for the quarter came down to Rs 242.87 crore as compared to Rs 992.08 crore in the same quarter a year ago.

Jammu and Kashmir government holds 59.2 per cent stake in the bank.

Its stock settled at Rs 85.70 per scrip, up 3.38 per cent on BSE.