J&K Bank Q1 profit slips 13% as higher provisions hit earnings
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 price nosedived 12.8% to Rs 154.6 on BSE, reacting to the pressure on profitability.The pre-provision ope