J-K Bank Q1 net profit soars 24.6%

Mumbai: Jammu & Kashmir Bank today posted a 24.6 per cent jump in its net profit to Rs 182.2 crore for the first quarter ended June 30, 2011.

The lender had posted a net profit of Rs 145.9 crore for the corresponding quarter last fiscal, Jammu & Kashmir (J&K) Bank said in a filing to the Bombay Stock Exchange (BSE).

Total income of the bank increased by 17 per cent during the period to Rs 1,122.9 crore from Rs 959.3 crore in the corresponding period last year.

The interest income of the bank rose to Rs 1,055 crore during the reporting quarter from Rs 865 crore in the first quarter of the previous fiscal.

The bank's gross non-performing assets (NPAs) rose marginally to 1.97 per cent during the quarter ended June 30, 2011, from 1.92 per cent in the same quarter a year ago.

Source: Financial Express