Jammu and Kashmir Bank Q1 profit jumps 96 pc

NEW DELHI: Jammu and Kashmir Bank on Monday reported a 96 per cent jump in net profit at Rs 326 crore in the June quarter, aided by decline in bad loans. The Srinagar-based lender had posted a net profit of Rs 166 crore in the year-ago period. The Union Territory of Jammu and Kashmir holds 63.41 per cent stake in the bank. Total income in the first quarter of the current fiscal rose to Rs 2,885 crore from Rs 2,306 crore in the same period a year ago, J&K Bank said in a regulatory filing. Interest earned by the bank improved to Rs 2,657 crore as against Rs 2,103 crore in June 2022.