One of the largest state-owned lenders, Allahabad Bank released their first quarterly report for the current fiscal year with a net loss of Rs. 1994 crores. The bank had reported a net profit of Rs. 29 crores in the previous year same quarter period.

Allahabad Bank reportedly skimmed its net loss substantially on a quarter on the quarter basis as the net loss posted in the March-end quarter of the fiscal year 2018 stood at Rs. 3510 crores. The bank also saw a fall of 29% in operating profit and 53% rise in provisions.

Provision and contingencies rose to Rs. 2763 crores during the June-end quarter from Rs. 1335 crores in the same quarter of the previous year.

Gross Non-performing Assets (NPA) were reduced to Rs. 25068 crores in the quarter under review against Rs. 26563 crore incurred during the March-end quarter, by it also stood 19% higher as compared to June end quarter of the fiscal year 2018.

Allahabad Bank’s Net Interest Income (NII) went upwards by 37% to Rs. 1704 crores in the Q1 of the financial year 2019 as against last year same quarter.

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