Allahabad Bank Q3 Results

The bank was asked by RBI to revisit restructured agriculture accounts, which led to higher recognition of NPA in the sector

Public sector lender Allahabad Bank posted a net loss of Rs. 12.64 billion for the quarter ended December 31, 2017 as compared to a net profit of Rs. 0.75 billion in the corresponding quarter of the previous fiscal year on account of higher provisions.It's net interest income, which is the difference between interest earned and interest expended, grew by 13.83 percent to Rs 13.47 billion during the quarter under review, as compared to Rs. 11.83 billion in same quarter last year. Other income, however, was down by 29.92 per cent at Rs. 5.12 billion as compared to Rs. 7.30 billion in the year-ago period.Provision for taxes and other contingencies rose by 169.32 per cent to Rs. 24.13 billion in the third quarter of the current fiscal year from the earlier Rs. 8.96 billion provision in the year-ago period.The bank also received a tax write-back of Rs. 2.28 billion during the Q3 period. In the year-ago quarter, it had a tax write-back of Rs. 1.08 billion.In terms of percentage of total ...