Jammu and Kashmir Bank (J&K Bank) share price declined over 4 percent in the morning trade on BSE on February 4 to a fresh 52-week low of Rs 24.90 and looked on course to extend losses into the second consecutive session.
The stock closed with a loss of 5.97 percent on February 3. It has lost almost 52 percent of its market value in the financial year 2020 so far.
The bank on January 31 said its standalone net profit fell by 52 percent year-on-year to Rs 49.64 crore in the third quarter of 2019-20 as the abrogation of Article 370 in J&K impacted business activities and cash flows.
The state-owned lender had posted a net profit of Rs 103.75 crore in the corresponding October-December period of the previous fiscal.
Total income on a standalone basis was marginally up at Rs 2,196.02 crore in the reported quarter of 2019-20 as against Rs 2,166.22 crore in the same period of 2018-19, the bank said in a regulatory filing.
There was a rise in bank's gross bad loans as the non-performing assets (NPAs) rose to 11.10 percent of the gross advances as on December 31, 2019, as against 9.94 percent by the same period of the previous fiscal.
However, the net NPAs came down to 4.36 percent of net advances by the end of December 2019 quarter from 4.69 percent a year ago.
At 12:5 hours, the stock was trading 4.23 percent down at Rs 24.90.
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