The loss changed into restricted due to a tax write-returned of Rs1,032.77 crore in the March quarter,compared with a tax expense of Rs175.05 crore a year in the past. photo: Ramesh Pathania/Mint
Mumbai: Allahabad financial institution on Friday mentioned a internet loss of Rs.581.thirteen crore for the March sector because of better provisions and decrease internet hobby profits.
The loss became restricted due to a tax write-lower back of Rs.1,032.seventy seven crore within theMarch zone, compared with a tax fee of Rs.a hundred seventy five.05 crore within the 12 months agoperiod.
This was the second one consecutive sector when the financial institution reported a internet loss. Thefinancial institution pronounced a profit of Rs.202.63 crore a year ago.
net interest earnings (NII), or the middle earnings a financial institution earns through giving loans, fell 12.57% to Rs.1,273.70 crore from Rs.1,456.eighty five crore within the 12 months ago period. Non-hobbyprofits fell 2% to Rs.554.73 crore from Rs.565.86 crore in the same length closing yr.
Gross non-performing assets (NPAs) rose eighty four.07% to Rs.15,384.fifty seven crore on the give upof the March region from Rs.8,357.97 crore a 12 months ago. The financial institution reported gross NPA of Rs.6,307.fifty four crore 1 / 4 ago.
Provisions and contingencies almost quadrupled to Rs.2,487.15 crore within the region from Rs.631.elevencrore a yr in the past. within the December area the financial institution stated Rs.1,208.15 crore of provisions.
In December, the Reserve financial institution of India (RBI) performed an asset fine evaluate across the banking area, following which banks were requested to apprehend visibly harassed assets as NPAs.
RBI also requested banks to make good enough provisions for these careworn belongings over the thirdand fourth quarters of the fiscal year that led to March.
As a percentage of overall loans, gross NPAs stood at nine.76% on the quit of the March sector comparedwith 6.4% within the previous region and 5.46% within the 12 months–ago region.
net NPAs had been at 6.76%, compared with 4.23% within the preceding quarter and three.99% in theequal area ultimate yr.
On Friday, Allahabad bank stocks closed at Rs.52.50 apiece on BSE, down 1.7%, at the same time as the benchmark Sensex fell 1.2% to shut at 25,489.57 points.
