Allahabad Bank Q2 net dips 63% to Rs 65 crore

Bank's gross NPA up as much as 139% to Rs 19,095 crore, though there was a marginal improvement over Q1FY17

Kolkata-based Allahabad Bank posted a net profit of around Rs 65 crore in the second quarter of FY17, against a net profit of about Rs 177 crore in the same period last year, registering a dip of around 63 per cent. In the first quarter of FY17, the bank had posted a loss of around Rs 565 crore.

The bank's non-performing assets (NPA) increased sharply in the last quarter, as gross NPA increased to Rs 19,094.53 crore in the last quarter, against Rs 7,985.75 crore in the same period of FY16, an increase of almost 139 per cent. In terms of percentage, the gross NPA increased to 12.28 per cent in Q2 of FY17, against 5.26 per cent in Q2 of FY16. The net NPA of the bank stood at 8.59 per cent in the last quarter, against 3.61 per cent in the same period last fiscal. However, in comparison to the Q1 of FY17, both gross and net NPA showed a marginal improvement in the last quarter. The bank's gross NPA stood at 12.33 per cent in Q1 and net NPA was 8.69 per cent.

The bank's total provisions (other than tax) and contingencies for the last quarter stood at around Rs 814 crore, against Rs 703 crore in the same period last financial year, an increase of around 16 per cent.

The capital adequacy ratio of the bank in the last quarter stood at 10.49 per cent, against 10.35 per cent in the same quarter of FY16.