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Allahabad Bank's net loss widens in Q2 to Rs 2,114 cr; stock tumbles 11%

The bank, however, logged a net interest income (NII) of Rs 1,275.7 crore, up 10.9 per cent YoY, from Rs 1,150.5 crore.

SI Reporter  |  New Delhi 

Allahabad Bank

Shares of slipped up to 11.2 per cent to Rs 23.95 per share in the afternoon trade on the BSE on Friday after the bank's standalone loss in the Sepember quarter of FY20 (Q2FY20) widened to Rs 2,114 crore. The bank had incurred a loss of Rs 1,823 crore in the corresponding quarter of the previous fiscal. Besides, the bank's asset quality deteriorated in the recently concluded quarter.

The gross non-performing asset (GNPA) ratio rose to 19.05 per cent in Q2FY20, up from 17.53 per cent YoY. Sequentially, the ratio jumped from 17.43 per cent. As for NNPA ratio, the parameter improved by declining to 5.98 per cent from 7.96 per cent reported in Q2FY19.

In absolute terms, the GNPA came in at Rs 31,468 crore, up 9.6 per cent QoQ from Rs 28,703 crore (Q1FY20). Meanwhile, the NNPA came in at Rs 8,502 crore, up 3.3 per cent QoQ, from Rs 8,230 crore.

"The Bank has made additional provision of Rs. 749.51 crores as at March 31, 2018. Hence, for the FY 2018-19.and half year ended 30.09.2019 no additional provisioning was required to be made as per the said RBI guidelines," the bank said in a statement.

During the quarter Bank has made additional provision of Rs 1982.41 crore over and above the provisions required to be made in terms of Prudential norms issued by RBI, it added. The Non Performing Loan Provision Coverage Ratio of the Bank was 79.30 per cent for the recently concluded quarter.

The bank's profit before tax (PBT) came in at Rs 632.87 crore, up fro Rs 533.97 crore clocked in the year ago period. The bank, however, logged a net interest income (NII) of Rs 1,275.7 crore, up 10.9 per cent YoY, from Rs 1,150.5 crore.

At 3:00 PM, the stock was trading 7.5 per cent lower at Rs 24.95 apiece, as against a 0.58 per cent decline in the S&P BSE Sensex.

First Published: Fri, November 08 2019. 15:02 IST
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