Allahabad Bank Q3 net loss narrows to Rs 733 cr

State-owned Allahabad Bank Wednesday reported narrowed net loss at Rs 732.81 crore for third quarter ended December of the current financial year due to reduction in bad loan provisions.

The bank had posted a net loss of Rs 1,263.79 crore in the same period of the previous fiscal.

Total income was nearly flat at Rs 4,756.88 crore for December quarter of 2018-19, as against Rs 4,755.33 crore in the same period of 2017-18, Allahabad Bank said in a regulatory filing.

On the asset front, the bank witnessed rise in its gross non-performing assets (NPAs) at 17.81 per cent of the gross advances as at December-end 2018, as against 14.38 per cent by December 2017.

In value terms, gross NPAs or bad loans stood at Rs 28,218.79 crore, higher than Rs 23,260.81 crore a year ago.

However, the net NPAs were brought down to 7.70 per cent (Rs 10,865.26 crore) from 8.97 per cent (Rs 13,646.52 crore).

The provisions for bad loans also reduced to Rs 1,900 crore for the reported quarter, as against Rs 2,044.23 crore a year ago. The overall provisions and contingencies were at Rs 1,495.34 crore, down from Rs 2,413.46 crore.

For accounts under provisions of Insolvency and Bankruptcy Code (IBC), the bank is holding provision of Rs 4,887.17 crore (75 per cent of total outstanding as on December 31, 2018, it said.

The non-performing loan provision coverage ratio of the bank stood at 69.64 per cent by end of December 2018.

Stock of Allahabad Bank closed at Rs 42.35 on BSE, down 0.94 per cent from previous close.