Allahabad Bank posts Q4 profit of Rs111 crore as provisions fall
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Kolkata: Allahabad Bank Wednesday reported a Rs111.16 crore net profit in the March quarter against a Rs581.13 crore loss a year ago, helped by treasury gains and lower provisioning.
For the full year, the state-controlled lender reported a consolidated net loss of Rs279 crore against Rs719.84 crore the previous year. Gross non-performing assets (NPA) in the year hit Rs20,687.83 crore, or 13.09% of gross advances, from Rs15,384.57 crore (9.76%).
The bank said it needed to expand its equity base by Rs2,000 crore in the current financial year.
Allahabad Bank’s newly appointed managing director and chief executive officer Usha Ananthasubramanian said the focus for the current year will be cost rationalisation and the expansion of retail credit. While stepping up initiatives to recover NPAs and cut costs, the bank is trying to rebalance its loan portfolio. Retail loans should account for 50% of the bank’s loan book from 35% currently, she said.