Allahabad Bank posts net loss at Rs 3,510 crore in Q4

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Kolkata | Published: May 12, 2018 3:34:15 AM

The bank’s total income, in the quarter under review, fell by about 17% year-on-year to Rs 4,259.37 crore from Rs 5,105.07 crore in the year-ago period, according to a BSE filing.

Allahabad Bank, Allahabad Bank net loss, Allahabad Bank q4State-run Allahabad Bank on Friday reported a net loss of Rs 3,509.63 crore in the fourth quarter ended March 31, 2018 due to an increase in provisioning to cover non-performing assets and a reduction in total income. (PTI)

State-run Allahabad Bank on Friday reported a net loss of Rs 3,509.63 crore in the fourth quarter ended March 31, 2018 due to an increase in provisioning to cover non-performing assets and a reduction in total income. The Kolkata-based lender had posted a net profit of Rs 111.16 crore in the corresponding period of last fiscal. The bank’s total income, in the quarter under review, fell by about 17% year-on-year to Rs 4,259.37 crore from Rs 5,105.07 crore in the year-ago period, according to a BSE filing.

Provisions stood at Rs  4783.42 crore as against Rs 1430.16 crore in the year-ago period. Gross non-performing assets went up to Rs 26,562.79 crore as on March 31, 2018, up by 28% y-o-y from Rs 20,687.83 crore in the March quarter previous fiscal. Non-performing assets as a percentage of total advances stood at 15.96% at the end of March quarter of FY18 from 13.09% in same period of FY17. Its net non-performing assets were at Rs 12,229.13 crore at the end of this quarter under review, as against Rs 13,433.51 crore as on March 31, 2017.

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