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Q1FY21 results: Jammu & Kashmir Bank net profit declines by 70.3 per cent YoY to Rs 6.50 crore

Ganesh V
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Q1FY21 results: Jammu & Kashmir Bank net profit declines by 70.3 per cent YoY to Rs 6.50 crore

Jammu & Kashmir Bank Ltd. announced its Q1FY21 results on Sep 10, 2020. Standalone profit stood at Rs 6.5 crore for Q1FY21. It declined by 70.3 per cent as compared to Rs 21.9 crore that it had reported in Q1FY20.

Net interest income (NII) stood at Rs 904.35 crore as against Rs 902.17 crore it reported in Q1FY20. A growth of 0.2 per cent YoY. Total income declined by 4.4 per cent YoY to Rs 2157.94 crore in Q1FY21. It had reported total income of Rs 2256.25 crore in Q1FY20.

Operating profit for Q1FY21 stood at Rs 330.22 crore. A decline of 19.6 per cent YoY as against  Rs 410.85 crore in Q1FY20. Provisions and contingencies decreased by 9.2 per cent YoY to Rs 266.37 crore in Q1FY21, as against Rs 293.21 crore in Q1FY20.

On asset quality front, gross non-performing assets (NPA) in Q1FY21 stood at Rs 7607.32 crore witnessing a decline of 0.8 per cent QoQ. Gross NPA (per cent) stood at 10.73 per cent in Q1FY21, as against 10.97 per cent in Q4FY20. A decline of 24bps QoQ.

Net NPA in Q1FY21 came in at Rs 1986 crore witnessing a decline of 11.5 per cent QoQ. Net NPA (per cent) stood at 3.05 per cent in Q1FY21 as against 3.48 per cent in Q4FY20. A decline of 43bps QoQ.

Capital adequacy ratio stood at 11.23 per cent in Q1FY21 as against 11.4 percent in Q4FY20. A decline of 17bps per cent QoQ.

Share Price of company closed at Rs 17.80 up by 4.40 per cent on BSE.

Particulars

Q1FY21

Q1FY20

Change

Net Profit

6.50

21.87

-70.3%

Net interest income

904.35

902.17

0.2%

Operating profit

330.22

410.85

-19.6%

Provisions and contingencies

266.37

293.21

-9.2%

Particulars

Q1FY21

Q4FY20

Change

Gross NPA (per cent)

10.73

10.97

-24bps

Net NPA (per cent)

3.05

3.48

-43bps

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