Allahabad Bank posts Rs 75.26 cr net profit in Q3

Public sector lender Allahabad Bank on Monday posted a net profit Rs 75.26 crore in the quarter ended December 31, 2016 as compared to a net loss of Rs 486.14 crore in the year-ago period.

The bank's business during quarter under review grew by 4.9 percent to Rs 3,61,922 crore as against Rs 3,44,709 crore in the same period last year.

The lender made NPA recovery of Rs 1,201 crore during the quarter. Its net NPAs stood at 8.65 percent in the quarter as compared to Rs 4.23 percent in the corresponding period last year.

In absolute terms, net NPAs were at Rs 12,621.12 crore at the end of December 2016, compared to Rs 6,307.54 crore a year ago period.

Deposits of the bank increased by 9.3 percent year-on-year to Rs 2,09,339 crore and CASA surged to 44.07 percent of aggregate desposit in the quarter as compared to 34.88 percent in the corresponding period last financial year.

The bank reported that its cost of deposit declined to 5.85 percent as on December end as against 6.73 percent in the year-ago period.

Bank's provisioning for bad loans and contingencies decreased to Rs 896.13 crore in the quarter, from Rs 1,208.15 crore a year ago period.

--IANS

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