Allahabad Bank Q1 loss at cr

Kolkata, Aug 12: Public sector lender Allahabad Bank on Friday reported a net loss of Rs 564.96 crore for the quarter ended June 30, compared with a net profit of Rs.146.86 crore a year ago, because of lower operating profit and higher provisioning for huge rise in its non-performing assets.

The bank's gross NPA in absolute term rose by a whopping 140.5% year-onyear to Rs 19,208.62 crore from Rs 7,987.44 crore in the same period previous fiscal. Its gross NPAs as a percentage of total loans rose to 12.33% in the first quarter of this fiscal from 5.29% a year ago, according to a stock exchange filing.

The Kolkata-based lender's operating profit during the June quarter fell by over 22% Y-o-Y to Rs 967.44 crore, compared with Rs 1,241.50 crore for the corresponding period last fiscal. Its total income during the period under review dipped by 5% Y-o-Y to Rs 5,122.91 crore.