J&K Bank Q2 net up 35% to Rs 269.5 cr, stock rises 6%

State-owned lender Jammu and Kashmir Bank  reported a growth of 35 percent year-on-year in its net profit at Rs 269.5 crore for the quarter ended September 2012 due to lower provisions, driving shares 6 percent higher to Rs 1,188.50 on the Bombay Stock Exchange.

Net interest income grew by 50.3 percent YoY to Rs 652.7 crore during the quarter.

Provisions against bad loans declined 34 percent quarter-on-quarter to Rs 33 crore in the quarter.

Gross non-performing asset (NPAs) was 1.59 percent as against 1.6 percent while net NPA increased to 0.16 percent versus 0.14 percent (QoQ).

Capital adequacy ratio was 13.73 percent in the July-September quarter of FY13 as against 13.75 percent in previous quarter.

Source: www.moneycontrol.com

Thanks,

Gaurav Agarwal

Head Dealer

DENIP Consultants Pvt Ltd