Jammu and Kashmir Bank today reported 60 per cent decline in net profit at Rs 101.61 crore for the fourth quarter ended March on account of rise in bad loans.
The bank’s net profit stood at Rs 250.60 crore in the January-March quarter of 2013-14.
Gross NPAs as a percentage of total advances rose significantly to 5.97 per cent from 1.66 per cent in the same quarter a year ago.
The bank’s net NPAs went up to 2.77 per cent from 0.22 per cent at the end of March 2014.
The total provisions, excluding for income tax, rose to Rs 380.76 crore during the quarter as against Rs 60.57 crore in the year-ago period.
Total income has increased to Rs 2,023.5 crore in quarter ended March, from Rs 1,888.6 crore in the same period of last fiscal, the bank said in a BSE filing.
The J&K government holds 53.17 per cent stake in the bank.
The bank has recommended 210 per cent dividend or Rs 2.10 per unit, for 2014-15.
For the full fiscal 2014-15, the bank’s net profit fell by 57 per cent to Rs 508.60 crore as compared to Rs 1,182.47 crore in the previous fiscal.
Total income increased to Rs 7,655.10 crore for the year to March 2015, from Rs 7,157.26 crore for the year ended March 31, 2014.