Allahabad Bank Q3 loss widens over two-fold

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Kolkata | Published: February 12, 2020 7:28:02 AM

Retail credit grew by 10% y-o-y as on December 31, 2019 to Rs 21,634 crore, up from Rs 19,595 crore as on December 31, 2018, the bank said in a release.

Allahabad Bank, Department of Financial Services, Punjab National Bank, Indian Overseas Bank, public sector banks The bank’s operating profit during the December quarter this fiscal witnessed a 16.74% y-o-y rise to Rs 897.68 crore from Rs 768.97 crore in the corresponding quarter of the last fiscal.

State-run Allahabad Bank on Tuesday reported widening of its net loss to Rs 1,986.26 crore for the third quarter ended December 31, 2019 as its provisioning for bad loans rose 1.5 times year-on-year. The lender had reported a net loss of Rs 732.81 crore in the same period a year ago. The Kolkata-based bank, which is set to merge with Indian Bank, had reported a net loss of Rs 2,114.06 crore for the second quarter in the current fiscal.

The bank’s operating profit during the December quarter this fiscal witnessed a 16.74% y-o-y rise to Rs 897.68 crore from Rs 768.97 crore in the corresponding quarter of the last fiscal. While net interest income (NII) fell by 4.37% y-o-y at Rs 1,337.6 crore for the period under review, non-interest income jumped 20% y-o-y at Rs 634.67 crore, according to a stock exchange filing. Net Interest Margin (NIM) stood at 2.56% as on December 31, 2019.

Total income saw a 2.17% y-o-y increase at Rs 4,860.35 crore compared with Rs 4756.88 crore for the year ago period. Retail credit grew by 10% y-o-y as on December 31, 2019 to Rs 21,634 crore, up from Rs 19,595 crore as on December 31, 2018, the bank said in a release.

On q-o-q basis, the public sector bank’s asset quality deteriorated during the October-December period last year with gross non-performing assets (NPAs) in absolute terms rose 2.17% q-o-q at Rs 32,149.92 crore compared with Rs 31,467.53 crore in the July-September period.

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