New Delhi: Jammu and Kashmir Bank on Saturday reported 67.43 percent 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 percent, from 1.65 percent in the same quarter an year ago.
The bank's net NPAs went up to 3.22 percent from 0.22 percent 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 percent stake in the bank.
PTI
First Published: Saturday, February 7, 2015, 20:29