Allahabad Bank’s net loss narrowed to ₹1,822.71 crore from the ₹1,944.4 crore loss in the immediately previous quarter.

The bank said in a regulatory filing that its losses were due to higher provisioning on account of NCLT-referred accounts and latest RBI guidelines regarding restructured accounts and ageing NPAs. The bank had posted a net profit of ₹70.2 crore in the July-September quarter of 2017-18. Gross non-performing assets rose to 17.5% from 15.9% in the previous quarter. The bank received ₹3,054 crore capital infusion from the Centre on November 12.

On November 8, the lender had, in an exchange filing, said the Centre will infuse ₹3,054 crore as capital in the current fiscal. The bank will also raise an additional ₹1,800-1,900 crore to shore up capital adequacy, its MD and CEO S.S. Mallikarjuna Rao said on Tuesday. Towards this, the bank was “exploring all options — government help, QIP and hiving off non-core assets and stake in JVs,” he said.

United Bank of India

Separately, United Bank said its loss had increased to ₹883.17 crore in the second quarter of this fiscal, against a loss of ₹388.7 crore in the immediately previous quarter due to higher provisioning and contingencies.

(With PTI inputs)