Allahabad Bank suffers Rs 1,263.8 cr loss in Q3

Allahabad Bank today reported a loss of Rs 1,263.8 crore in the third quarter ended December 31, 2017 against a net profit of Rs 75.26 crore in the corresponding period of 2016.
During the quarter, the bank made higher provisioning for NPAs at Rs 2,044.23 crore, as against Rs 795.82 crore made in the corresponding period of the previous year, the bank said in a regulatory filing with the BSE.
The bank said in a statement that the loss was due to provisioning for ageing NPAs and NCLT referred accounts and also losses incurred in treasury operations during the quarter.

The bank also reported higher Gross NPAs and Net NPAs during the third quarter of this fiscal at 14.38 per cent (12.51 per cent) and 8.97 per cent (8.65 per cent) respectively.
Operating profit of the bank during the quarter stood at Rs 922 crore, an increase of 6.8 per cent over the similar previous period.
Net interest margin (NIM) increased to 2.48 per cent in the third quarter from 2.37 per cent in the year-ago period.
Capital adequacy ratio as per Basel III stood at 11.27 per cent as on December 12, 2017, above the regulatory requirement of 10.25 per cent.

Total business of the bank at the end of the third quarter period touched Rs 3.73 lakh crore.