Allahabad Bank tumbles after reverse turnaround in Q3

Don't want to miss the best from Business Standard?

Allahabad Bank fell 7.16% to Rs 47.35 at 09:25 IST on BSE after the state-run bank reported net loss of Rs 486.14 crore in Q3 December 2015 as against net profit of Rs 164.11 crore in Q3 December 2014.

Total income declined 6.61% to Rs 5030.19 crore in Q3 December 2015 over Q3 December 2014. The result was announced after market hours yesterday, 9 February 2016.

Meanwhile, the BSE Sensex was down 142.60 points, or 0.59%, to 23,878.38

On BSE, so far 1.96 lakh shares were traded in the counter, compared with an average volume of 2.16 lakh shares in the past one quarter.

The stock hit a low of Rs 46.80 in intraday trade so far, which is 52-week low for the counter. The stock hit a high of Rs 49.05 so far during the day. The stock hit a 52-week high of Rs 115.90 on 4 March 2015.

The mid-cap bank has an equity capital of Rs 600.56 crore. Face value per share is Rs 10.

Government of India holds 62.73% stake in Allahabad Bank (as on 30 September 2015).

Allahabad Bank's provisions and contingencies surged 87.7% to Rs 1208.15 crore in Q3 December 2015 over Q3 December 2014. Allahabad Bank's gross non-performing assets (NPAs) stood at Rs 9802.10 crore as on 31 December 2015 compared with Rs 7985.75 crore as on 30 September 2015 and Rs 8012.42 crore as on 31 December 2014. The ratio of gross NPAs to gross advances stood at 6.4% as on 31 December 2015 as against 5.26% as on 30 September 2015 and 5.46% as on 31 December 2014. The ratio of net NPAs to net advances stood at 4.23% as on 31 December 2015 as against 3.61% as on 30 September 2015 and 3.89% as on 31 December 2014. The bank's non-performing loan provision coverage ratio as on 31 December 2015 stood at 55.4%.

Powered by Capital Market - Live News