Allahabad Bank posts ₹564.96 crore loss in Q1; provisions jump
Allahabad bank's operating profit declined to Rs967.44 crore in the June quarter from `1,241.50 a year ago, while provisions rose to Rs1,330.78 crore
Mumbai: Allahabad Bank Ltd on Friday reported a ₹ 564.96 crore net loss for the quarter ended June against a ₹ 146.86 crore net profit a year ago.
The bank made provisions of ₹ 1,330.78 crore for the quarter compared with ₹ 854.79 crore a year ago. Its operating profit declined to ₹ 967.44 crore in the April-June period from ₹ 1,241.50 a year ago. Loan provision coverage ratio stood at 46.03% as on 30 June.
According to a Bloomberg poll of four analysts, the bank was expected to post a net loss of ₹ 15.27 crore for the June quarter.
Net interest income decreased to ₹ 1,393.2 crore for the June quarter compared with ₹ 1,587.11 crore a year ago.
Gross non-performing assets (NPAs) rose to ₹ 19,208.62 crore from ₹ 7,987.44 crore a year ago.
As a percentage of total loans, gross NPAs stood at 12.33% at the end of the quarter, compared with 9.76% in the previous quarter and 5.29% in the year-ago quarter. Net NPAs stood at 8.69% for fiscal first quarter compared with 3.67% last year.
Capital adequacy ratio stood at 10.58% according to Basel III norms as on 30 June.
On Friday, Allahabad Bank shares ended at ₹ 75.60 on BSE, up 3.3% from their previous close, while the benchmark Sensex rose 1.05% to close at 28,152.40 points.
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