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Allahabad Bank posted a net loss of ₹3,510 crore for the quarter ended March 31, 2018, compared to a net profit of ₹111 crore in the same period last year, on the back of a sharp increase in provisioning and drop in core income.
Provisions (other than tax) and contingencies rose nearly three-fold at ₹4,783 crore against ₹1,430 crore in the same quarter last year. Of this, provisions for non-performing assets (NPA) increased to ₹5,126 crore (₹1,490 crore). During the financial year 2017-18, 43 frauds were reported by the bank, involving a total amount of ₹1,525 crore. Of these accounts, the bank has managed to recover only close to ₹3 crore and has made provisioning for the balance ₹1,522 crore.
The gross NPAs of the bank as a percentage of total advances stood at 15.96 per cent in the last quarter against 13.09 per cent in the same period last year. The net NPAs fell to 8.04 per cent (8.92 per cent).
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