Allahabad Bank posts Q4 net loss of Rs 581 cr

Public sector Allahabad Bank today reported a net loss of Rs 581.13 crore for the last quarter ended March 2016 as it substantially raised the amount towards bad loans provisioning in accordance with RBI's asset quality directives.
The Kolkata-headquartered lender had made a net profit of Rs 202.63 crore in the January-March quarter of 2014-15.
The bank almost quadrupled the provisioning and contingencies amount to Rs 2,487.15 crore for the quarter ended March 2015-16, as against Rs 631.11 crore kept aside for the same period a year ago.
Also, the total income of the bank fell to Rs 5,051.38 crore in the quarter to March 2015-16, from Rs 5,390.71 crore earned a year ago, it said in a regulatory filing.

Bad loans problem also reflected on overall performance of the Bank, as it suffered a net loss of Rs 743.31 crore in 2015-16.
It had made a net profit of Rs 620.90 crore in the previous fiscal 2014-15.

Total income decreased to Rs 20,795.07 crore for the year ended March 2016, from Rs 21,712.13 crore a year ago.
On asset front, bank's gross non-performing assets (NPAs) or bad loans as a percentage of gross advances rose to 9.76 per cent as on March 2016, from 5.46 per cent a year ago.
Net NPAs were 6.76 per cent of net advances during the period, up from 3.99 per cent.

Additionally in a separate filing, Allahabad Bank said the Board of Directors of the company at its meeting held today has not recommended any dividend for financial year 2015-16.
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In a late evening regulatory filing, the
Kolkata-headquartered bank said it had made NPA recovery of Rs 1,201 crore during the October-December quarter.
In performance highlights, Allahabad Bank said its total business increased to Rs 3.62 lakh crore as on December 31, 2016 as against Rs 3.45 lakh crore in the same period a year ago.
"Deposit of the bank increased by 9.30 per cent year on year to Rs 2.09 lakh crore," it said.

Bank's CASA surged to 44.07 per cent of aggregate deposit as at the end of December 2016, from 34.88 per cent year ago.
Allahabad Bank also said its cost of deposit declined to 5.85 per cent as on December 31, 2016 as against 6.73 per cent as on December 31, 2015.