Millennium Post

Allahabad Bank beats all odds, does superbly

Allahabad Bank on Tuesday reported a loss of Rs 486.14 crore for the third quarter ended December 31, due to higher provisioning against bad loans. The bank had earned a net profit of Rs 164.11 crore in the same period last year. Total income also declined to Rs 5,030.19 crore during the quarter from Rs 5,386.79 crore in the previous fiscal. Gross NPAs as a percentage to total advances rose to 6.40 per cent from 5.46 per cent in the same quarter year ago. Net NPAs went up to 4.23 per cent from 3.89 per cent at the end of December 2014. Total provisions, excluding for income tax, nearly doubled to Rs 1,208.15 crore as against Rs 643.66 crore in the year-ago period.
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