Allahabad Bank net loss at Rs 565 cr

Against a net profit of Rs 146.86 crore in the same period last financial year

Allahabad Bank on Friday reported a net loss of Rs 564.9 crore for the quarter ended June, against a net profit of Rs 146.8 crore in the same period last financial year.

The asset quality of the bank deteriorated, as the gross non-performing assets (NPAs) of the bank stood at 12.33 per cent in the last quarter, against 5.29 per cent a year ago.

Net NPAs of the bank stood at 8.69 per cent in the last quarter, against 3.67 per cent in the same period last financial year.

On a sequential basis, too, NPAs increased, as in the quarter ended March, the bank had reported gross NPAs of 9.76 per cent, and net NPAs of 6.76 per cent.

The provisions of the bank in the last quarter stood at Rs 1,330.8 crore, against Rs 854.8 crore in the same period last year, an increase of 55.7 per cent.

However, on a sequential basis, the provisions dropped by around 46.5 per cent, as in the quarter ended March, the bank’s provision was close to Rs 2,487 crore.