Allahabad Bank’s Q3 net loss widens on higher provisioning

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Mumbai, Feb 11 (IANS) 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).

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.

–IANS

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