Q4 losses for Allahabad Bank

Allahabad Bank reported a net loss of Rs 3,509.63 crore for the fourth quarter ended March 31, 2018, compared to a net profit of Rs.111crore in the same period last year.

Provisions(other than tax) and contingencies rose nearly three-fold at Rs.4,783 crore against Rs.1430crore in the same quarter last year. Of this, provisions for non-performing assets (NPA) increased to Rs.5126 crore. During the financial year 2017-18, 43 frauds were reported by the bank, involving a total amount of 1525 crore.

The gross NPAs of the bank as a percentage of total advances stood at 15.96% in the last quarter against 13.09% in the same period last year. The net NPAs fell to 8.04%(8.92%).