Allahabad Bank Reports Loss for Third Straight Quarter; Bad Loans Spike
Allahabad Bank reported a loss for the third consecutive quarter, with weak overall earnings.
Net loss stood at Rs 565 crore in the April to June quarter, compared to a profit of Rs 146.9 crore in the same quarter last year, according to the company's filing on the Bombay Stock Exchange.
Net interest income fell 12.2 percent to Rs 1,393 crore, from Rs 1,587.1 crore on a year-on-year basis. The bank reported an other income of Rs 552.4 crore for the quarter.
Asset quality worsened as gross bad loans increased to 12.33 percent from 9.76 percent in the previous quarter. Net non performing assets increased to 8.69 percent from 6.76 percent over the quarter.
Provisions fell 46.5 percent to Rs 1,330.8 crore on a quarter-on-quarter basis, the filing added.
The Kolkata-based bank plans to raise Rs 500 crore through a preferential issue to Life Insurance Corporation of India and/or other financial institutions and another Rs 500 crore through a qualified institutional placement, according to a press release on the outcome of the bank's board meeting.
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