Public sector Allahabad Bank on May 13 reported a net loss of Rs 581.13 crore for the last quarter ended March 2016 as it substantially raised the amount towards bad loans provisioning in accordance with RBI's asset quality directives.
The Kolkata-headquartered lender had made a net profit of Rs 202.63 crore in the January-March quarter of 2014-15.
The bank almost quadrupled the provisioning and contingencies amount to Rs 2,487.15 crore for the quarter ended March 2015-16, as against Rs 631.11 crore kept aside for the same period a year ago.
Also, the total income of the bank fell to Rs 5,051.38 crore in the quarter to March 2015-16, from Rs 5,390.71 crore earned a year ago, it said in a regulatory filing.
Bad loans problem also reflected on overall performance of the Bank, as it suffered a net loss of Rs 743.31 crore in 2015-16.
It had made a net profit of Rs 620.90 crore in the previous fiscal 2014-15.
Total income decreased to Rs 20,795.07 crore for the year ended March 2016, from Rs 21,712.13 crore a year ago.
On asset front, bank's gross non-performing assets (NPAs) or bad loans as a percentage of gross advances rose to 9.76 percent as on March 2016, from 5.46 percent a year ago.
Net NPAs were 6.76 percent of net advances during the period, up from 3.99 percent.
Additionally in a separate filing, Allahabad Bank said the Board of Directors of the company at its meeting held today has not recommended any dividend for financial year 2015-16.
The Bank scrips closed 1.69 percent down at Rs 52.50 apiece on BSE today.
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