J&K Bank, the state's only listed company, reported a net loss of over Rs 56 crore in the quarter to March -- a first in its operational history of 75 years -- which is mostly attributed to bad loans. In the first quarter, the fall in bottom line was sharp -- as much as 85 percent.
Battling with nearly 10 per cent of NPAs, J&K Bank Chairman Parvez Ahmed today said the bank will focus on the recovery of bad loans and consolidation to improve profitability in coming years.
Ahmad, who joined the bank in 1998, was instrumental in successful management of the bank's IPO.