Allahabad Bank swings back into the black in Q4 at Rs 111 cr

Lender announces plans to pare corporate exposure and diversify into agri and MSME sectors

Kolkata-based Allahabad Bank, which is aggressively trying to recover non-performing assets (NPA) this year besides changing its focus over loan disbursal, posted a net profit of Rs 111.15 crore in the fourth quarter (Q) of the last financial year (FY) as against the loss of Rs 581.13 crore in Q4 of FY16.

While the bank's operating profit shot up by 22 per cent at Rs 1,065.66 crore in the quarter under review, the net interest margin (NIM) also increased to 2.54 per cent in Q4 of FY17 from 2.21 per cent in Q4 of FY16. For the current FY, it