Jammu and Kashmir Bank nearly doubled its net profit to Rs 381.1 crore in the second quarter of the current financial year from the year-ago period. The lender had reported a net profit of Rs 243.5 crore in September 2022, the company said in a regulatory filing.
Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, jumped 10.8 percent, coming at Rs 1,333.8 crore against Rs 1,204.2 crore in the corresponding quarter last fiscal.
The total income rose to Rs 2,954 crore from Rs 2,445 crore a year ago, J&K Bank said in a regulatory filing
The private sector bank's asset quality, too, improved, with gross non-performing assets (GNPA) declining to 5.26 percent from 5.77 percent in the year-ago period. Net non-performing assets (NNPA) dropped to 1.04 percent from 1.39 percent.
In monetary terms, gross NPA stood at Rs 4,826.7 crore against Rs 5,103.7 crore quarter-on-quarter, whereas net NPA came at Rs 917.4 crore against Rs 1,176.9 crore quarter-on-quarter.
Shares of Jammu and Kashmir Bank Ltd ended at Rs 106.75, down by 4.73 percent on the BSE.
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