J&K Bank’s Net Profit falls 57 Percent in 2014-15

Srinagar, May 16 (IANS): Jammu and Kashmir Bank Ltd on Saturday said its net profit in 2014-15 declined by nearly 57 percent at Rs.508.6 crore against Rs.1,182.47 crore in 2013-14.

The bank’s total income for the timeframe under review, however, registered an increase by nearly seven percent at Rs.7,655.10 crore compared to Rs.7,157.26 crore in 2013-14.

The amount of net non-performing assets, in the review period jumped substantially by 1,112 percent to Rs.1,236.32 crore against Rs.101.99 crore in 2013-14.

During 2014-15, its cash balance with the Reserve Bank of India also showed a decline by 22 percent at Rs.2,373 crore in comparison to Rs.3,045.59 crore in 2013-14.