ALSO READAllahabad Bank reports Rs 111 cr net profit in FY17 Q4 Allahabad Bank gets shareholders' nod to raise Rs 2,000 cr in FY18 Allahabad Bank posts net profit in Q1 at Rs 29 crore Allahabad Bank looks to reduce exposure in corporate lending Allahabad Bank Q4 net profit at Rs 111 cr as provisions fall
The Kolkata-headquartered bank had registered a net profit of Rs 65.03 crore in the July-September quarter of the previous financial year.
MD and CEO of Allahabad Bank Usha Ananthasubramanian said that the bank had made higher provisioning during the quarter as the provision coverage ratio increased to 54.33 per cent in the second quarter as against Rs 47.60 crore in the previous second quarter.
During the quarter, gross NPAs rose to 14.10 per cent of gross advances, up from 12.28 per cent a year earlier.
Similarly, net NPAs rose to 8.84 per cent of net loans, from 8.59 per cent.
As a result, provisions for bad loans doubled to Rs 1,469.52 crore from Rs 692.08 crore a year ago.
Capital adequacy ratio of the bank improved to 54.33 per cent in the quarter from 47.60 per cent in the same quarter a year ago, it said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)