Jammu and Kashmir Bank reported a 12.6% decline in Q1 net profit to Rs 424 crore due to higher provisions despite improved asset quality. Advances and deposits grew strongly, while net interest margin narrowed, triggering a nearly 13% decline in the bank’s share price.
Jammu and Kashmir Bank reported a 12.6% decline in Q1 net profit to Rs 424 crore due to higher provisions despite improved asset quality. Advances and deposits grew strongly, while net interest margin narrowed, triggering a nearly 13% decline in the bank’s share price.
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Jammu and Kashmir Bank reported a 12.6% drop in first quarter net profit at Rs 424 crore against Rs 485 crore in the year-ago period, on account of higher provisions, prompting a near 13% plunge in share price.The fall in net profit was despite a Rs 56 crore gain due to change in accounting policy effective April 1, according to the bank's regulatory filing to stock exchanges.The net interest margin for the quarter compressed to 3.28%. Net interest Income rose 2% at Rs 1497 crore.The share pric…
