Allahabad Bank posts net profit of `75 crore in Q3

State-owned Allahabad Bank on Monday reported a net profit of Rs 75.26 crore in the third quarter of the current fiscal ended December 31, mainly due to significant reduction in provisioning for bad loans. The bank had registered a net loss of Rs 486.14 crore in the corresponding quarter of previous fiscal.

However, total income of the bank decreased to Rs 5,025.13 crore in the October-December quarter, from Rs 5,030.19 crore earnings in the same period a year earlier, Allahabad Bank said in a regulatory filing. Bank's provisioning for bad loans and contingencies fell to Rs 896.13 crore in the quarter, from Rs 1,208.18 crore a year ago.

On asset quality, there was a further deterioration in gross non-performing assets (NPAs) increasing to 12.51 per cent of the gross advances during October-December period from 6.40 per cent in the same period last fiscal. Net NPAs increased to 8.65 per cent in the quarter under review, from 4.23 per cent a year ago.