Jammu & Kashmir Bank on Monday reported about 9% year-on-year dip in fourth quarter net profit at Rs 585 crore as against Rs 640 crore in the year ago period, due to higher provisions to cover bad debt.

The bank's pre-provision operating profit for the quarter stood 20.5% higher at Rs 800 crore against Rs 664 crore.

Provisions to cover bad and doubtful debt stood at Rs 58 crore against a write back of provision of Rs 47.4 crore in the year ago period, despite improvement in asset quality. Its gross non-performing assets ratio fell to 3.37% at the end of the last fiscal as compared with 4.08% a year back.

The bank board recommended a dividend of Rs. 2.15 per equity share of Re 1 face value which translates into a 215% dividend for the financial year ended March 31, 2025.

Net profit for the full fiscal stood at Rs 2083 crore, which is the highest ever for the bank. The annual net profit registered a 18% jump over Rs 1767 crore for the preceding fiscal, backed by a 38% rise in other income at Rs 1137 crore. Its net interest income grew 11% at Rs 5794 crore. Net interest margin for the year

The bank's total deposits rose 10.24% year-on-year to Rs 1.49 lakh crore while net advances rose 11.13% to Rs 1.04 lakh crore. The share of low-cost current and savings account deposits stood at 47% at the end of the last fiscal.