State-owned Allahabad Bank today reported a net profit of Rs 75.26 crore in the third quarter of the current fiscal ended December 31, mainly due to significant reduction in provisioning for bad loans.
The bank had registered a net loss of Rs 486.14 crore in the corresponding quarter of previous fiscal.
However, total income of the bank decreased to Rs 5,025.13 crore in the October-December quarter, from Rs 5,030.19 crore earnings in the same period a year earlier, Allahabad Bank said in a regulatory filing.
Bank's provisioning for bad loans and contingencies fell to Rs 896.13 crore in the quarter, from Rs 1,208.18 crore a year ago.
On asset quality, there was a further deterioration in gross non-performing assets (NPAs) increasing to 12.51 percent of the gross advances during October-December period from 6.40 percent in the same period last fiscal.
Net NPAs increased to 8.65 percent in the quarter under review, from 4.23 percent a year ago.
In absolute terms, the gross NPAs stood at Rs 19,091.89 crore at the end of December 2016, from Rs 9,802.10 crore at the end of 2015.
Net NPAs were at Rs 12,621.12 crore at the at the end of December 2016, compared to Rs 6,307.54 crore a year ago.
Allahabad Bank stock traded 1.56 percent down at Rs 72.75 on BSE.
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