J&K Bank posts Rs.56 crore net loss for last quarter

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Srinagar, May 25 (IANS) J&K Bank, the state’s only listed company, has reported a net loss of over Rs.56. crore in the quarter ended March 31 — a first in its operational history of 75 years — largely attributed to bad loans.

However, the net profit for the last fiscal was at Rs.416 crore, which is also down by 18.2 percent in comparison to 2014-15, according to figures released Tuesday.

The bank in the last fiscal had posted a net profit of Rs.508.6 crore. The net income of the bank has also declined to Rs.7,347.6 crore from Rs.7,655.1 crore in 2014-15.

The bank is facing a major challenge of soaring Non-Performing Assets (NPA). As of March 2016, the bank’s gross NPAs soared to Rs.4,368.62 crore, which totals to 8.32 percent of gross advances.

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As on December 31, 2015, it had NPAs worth Rs.3,339.45 crore. This indicates an increase of 1.51 percent in three months. The gross NPA ratio in 2011 was just 1.95 percent.



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