New Delhi: State-owned Allahabad Bank on Wednesday reported narrowed net loss at Rs 732.81 crore for third quarter ended December of the current financial year due to a reduction in bad loan provisions.
The bank had posted a net loss of Rs 1,263.79 crore in the same period of the previous fiscal.
Total income was nearly flat at Rs 4,756.88 crore for December quarter of 2018-19, as against Rs 4,755.33 crore in the same period of 2017-18, Allahabad Bank said in a regulatory filing.
On the asset front, the bank witnessed a rise in its gross non-performing assets (NPAs) at 17.81 percent of the gross advances as at December-end 2018, as against 14.38 percent by December 2017.
In value terms, gross NPAs or bad loans stood at Rs 28,218.79 crore, higher than Rs 23,260.81 crore a year ago.
However, the net NPAs were brought down to 7.70 percent (Rs 10,865.26 crore) from 8.97 percent (Rs 13,646.52 crore).
The provisions for bad loans also reduced to Rs 1,900 crore for the reported quarter, as against Rs 2,044.23 crore a year ago. The overall provisions and contingencies were at Rs 1,495.34 crore, down from Rs 2,413.46 crore.
For accounts under provisions of Insolvency and Bankruptcy Code (IBC), the bank is holding provision of Rs 4,887.17 crore (75 percent of total outstanding) as on 31 December, 2018, it said.
The non-performing loan provision coverage ratio of the bank stood at 69.64 percent by end of December 2018.
The stock of Allahabad Bank closed at Rs 42.35 on BSE, down 0.94 percent from the previous close.
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Updated Date: Feb 06, 2019 16:50:52 IST