Allahabad Bank's Q3 net loss widens on higher provisioning

State-run lender Allahabad Bank on Tuesday reported a wider net loss during the third quarter ended December 31, 2019, due to higher provisioning for non-performing assets (NPAs).

migrator

Updated:12th Feb, 2020 at 3:12 AM

Mumbai

According to the bank, its net loss widened to Rs 1,986.27 crore from Rs 732.81 crore reported for the same period of the previous financial year.

The bank's gross NPA (GNPA) stood at 18.93 per cent during the quarter under review as against 17.81 per cent as on December 31, 2018.

"Net NPA significantly reduced to 5.13 per cent as on December 31, 2019 from 7.70 per cent on December 31, 2018," the bank said in a statement.

"Provision Coverage Ratio (PCR) significantly improved to 82.42 per cent at the end of December 2019 as against 69.64 per cent at the end of December 2018," it added The lender's provisions other than tax and contingencies increased to Rs 3,092.54 crore from Rs 1,495.37 crore made during the same period of the previous financial year.

Similarly, the provisioning for NPAs rose to Rs 3,002.98 crore from Rs 1,900 crore made during the corresponding quarter of the last fiscal.

Allahabad Bank's Q3 net loss widens on higher provisioning

State-run lender Allahabad Bank on Tuesday reported a wider net loss during the third quarter ended December 31, 2019, due to higher provisioning for non-performing assets (NPAs).

Also Read

CM Vijay reviews power supply amid complaints of frequent outages

Tamil Nadu government advises vulnerable groups to wear masks amid rise in dengue cases

All orders, decisions taken by EC carry full legal sanctions; differing views normal: EC statement

Banks to remain open on Sunday for customers' convenience in view of proposed strike

TVK questions MK Stalin’s silence on Veeramani case