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Jammu and Kashmir Bank posted a net profit of ₹214.80 crore for the fourth quarter of 2018-19 on the back of robust income, even though asset quality remained under pressure.
The lender’s net profit was a mere ₹28.41 crore in the January to March 2018 quarter.
Total income
Its total income rose shot up by 40 per cent to ₹2,473.47 crore for the fourth quarter of 2018-19, against ₹1,763.95 crore a year ago.
Net interest income also shot up by 40 per cent to ₹931 crore in the reporting quarter, from ₹665.77 crore in the same period a year ago.
Its other income also more than doubled to ₹403.57 crore in the quarter ended March 31, 2019, from ₹172.27 crore a year ago. Provisions, however, rose to ₹377.95 crore in the fourth quarter of last fiscal, from ₹251.11 crore a year ago.
Gross non-performing assets stood at ₹6,221.35 crore as on March 31, 2018, or 8.97 per cent of gross advances, when compared to 9.96 per cent as on March 31, 2018. Net NPAs were also high at ₹3,239.61 crore, or 4.89 per cent of net advances as on March 31, 2019.
It was just a notch lower at 4.9 per cent of net advances a year ago.
For the full financial year 2018-19, the bank reported a sharp jump in its net profit to ₹464.89 crore, from ₹202.72 crore in 2017-18.
The bank’s board of directors also approved the raising of capital (ATI/Tier II) to the tune of ₹1,600 crore. Its scrip gained 2.95 per cent and closed at ₹54.15 apiece on the BSE on Wednesday.
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