Home >Industry >Banking >Govt pumps 3054 cr into Allahabad Bank

New Delhi: Allahabad Bank on Thursday said the government had infused 3,054 crore into the state-run lender.

“In terms of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the bank has received a communication from the Government of India, Ministry of Finance, Department of Financial Services regarding fresh capital infusion of 3054 crore towards contribution of the central government in the preferential allotment of equity shares (special securities/bonds) of the bank during financial year 2018-19, as government’s investment," Allahabad Bank said in a notification to the BSE.

The bank had posted a June-quarter loss of 1,944 crore against a profit of 28.8 crore a year ago. The interest earned by the bank during the first quarter stood at 4,600 crore, compared with 4,148 crore in the same period of the previous fiscal.

Provisions and contingencies rose to 2,763 crore during the April-June quarter, from 1,335 crore in the year-ago period. Provisions for non-performing assets (NPAs) during the quarter came in at 2,950 crore versus 1,687 crore a year ago. Gross NPAs stood at 15.97% of the total advances against 15.96% in the previous quarter, while net NPAs were at 7.32% against 8.04%.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed

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