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Allahabad Bank Q3 net loss widens to Rs 1,987cr

Press Trust of India  |  Kolkata 

Allahabad Bank's net loss for the quarter to December widened to Rs 1,987 crore as against Rs 732.81 crore in the corresponding quarter a year ago.

The Kolkata-based lender's operating profit rose to Rs 898 crore during the quarter under review, compared with Rs 769 crore in the year-ago period.

Total business stood at Rs 3.93 lakh crore in the December quarter, the bank said in a release. It was Rs 3.67 lakh crore in the third quarter of 2018-19.

Provision coverage ratio was 82.42 per cent as against 69.64 per cent a year ago.

Net non-performing assets (NNPA) of the bank reduced to 5.13 per cent during the three months ended December from 7.70 per cent.

Gross NPA during the reporting quarter rose to 18.93 per cent as against 17.81 per cent in the year-earlier period.

Allahabad Bank is proposed to be merged with Indian Bank to become the seventh largest lender with a total business of Rs 8 lakh crore.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, February 11 2020. 19:40 IST