Jammu and Kashmir Bank profit rises 59% to Rs 170 crore in June quarter

Jammu & Kashmir Bank on Wednesday reported a 59 per cent jump in net profit at Rs 165.9 crore in the first quarter of FY23 on the back of higher income. It had reported a net profit of Rs 104.3 crore in the year-ago period. In the April-June quarter of FY23, total income increased to Rs 2,306.26 crore from Rs 2173.92 crore in the same period a year ago, Jammu & Kashmir Bank said in a regulatory filing. During the quarter, the bank's Net Interest Income (NII) rose 6.7 per cent on an annual basis to Rs 1,034.23 crore. The Net Interest Margin (NIM) was 3.46 per cent as against 3.41 per cent recorded on March 31, 2022, it said. The lender's gross non-performing assets fell to 9.09 per cent of the gross advances as on June 30, 2022. In the same period a year ago, it was 9.69 per cent. However, net NPAs (Non-Performing Assets) rose to 3.02 per cent from 2.94 per cent. The overall provisioning and contingencies for June quarter was increased to Rs 381.45 crore as against Rs 360.62 ...

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