Jammu & Kashmir Bank Q2 Results: Net profit rises over 10% YoY to Rs 546 crore, NII jumps 5%
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TIMESOFINDIA.COMPre-provision operating profit for the quarter stood 26.7% higher at Rs 789.1 crore against Rs 622.6 crore, backed by growth in earnings.
The rise in net profit was restricted to barely double digit due to a Rs 72.3 crore provision in period under review against a Rs 10.9 crore write back last time. This was despite a further improvement in asset quality.
The bank's net interest income rose 5% year-on-year at Rs 1502 crore while other income doubled to Rs 314.9 crore.
Its gross non-performing assets ratio declined by 109 basis points year-on-year to 2.23% at the end of September. Net NPA ratio improved to 0.51% against 0.76% a year ago. Its provision coverage ratio rose to 91.76% from 90.53% three months prior.
The lender's gross advances grew by 23.7% to Rs 1.34 lakh crore at the end of the reporting period while total deposits expanded by 16.3% to Rs 1.77 lakh crore.