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Allahabad Bank reports Q1 net profit of Rs 128 cr on good credit growth

The gross NPA of the bank, as a percentage of its total lending, stood at 17.43 per cent in the last quarter

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Allahabad Bank

Namrata Acharya Kolkata
Allahabad Bank has reported a net profit of Rs 128 crore in Q1FY20, against a loss of Rs 1,944 crore in the same period of the last financial year.

According to SS Mallikarjuna Rao, MD and CEO of Allahabad Bank, good credit growth and lower provisioning helped the bank book profit. In February this year, the bank came out of RBI's prompt corrective action (PCA) framework, which had imposed restrictions on certain categories of lending.

The bank registered a year-on-year credit growth of 8.75 per cent in the last quarter. The total provisions of the bank in the last quarter

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First Published: Jul 31 2019 | 5:59 PM IST

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