Public sector Allahabad
Bank
on May 13 reported a net loss of Rs 581.13 crore for the last quarter
ended March 2016 as it substantially raised the amount towards bad loans
provisioning in accordance with RBI's asset quality directives.
The Kolkata-headquartered lender had made a net profit of Rs 202.63
crore in the January-March quarter of 2014-15.
The bank almost quadrupled the provisioning and contingencies amount to
Rs 2,487.15 crore for the quarter ended March 2015-16, as against Rs
631.11 crore kept aside for the same period a year ago.
Also, the total income of the bank fell to Rs 5,051.38 crore in the
quarter to March 2015-16, from Rs 5,390.71 crore earned a year ago, it
said in a regulatory filing.
Bad loans problem also reflected on overall performance of the Bank, as
it suffered a net loss of Rs 743.31 crore in 2015-16.
It had made a net profit of Rs 620.90 crore in the previous fiscal
2014-15.
Total income decreased to Rs 20,795.07 crore for the year ended March
2016, from Rs 21,712.13 crore a year ago.
On asset front, bank's gross non-performing assets (NPAs) or bad loans
as a percentage of gross advances rose to 9.76 percent as on March 2016,
from 5.46 percent a year ago.
Net NPAs were 6.76 percent of net advances during the period, up from
3.99 percent.
Additionally in a separate filing, Allahabad Bank said the Board of
Directors of the company at its meeting held today has not recommended
any dividend for financial year 2015-16.
The Bank scrips closed 1.69 percent down at Rs 52.50 apiece on BSE
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