State-owned Allahabad Bank on Wednesday reported narrowed net loss at ₹732.81 crore for third quarter ended December 2018 of the current financial year due to reduction in bad loan provisions.
The bank had posted a net loss of ₹ 1,263.79 crore in the same period of the previous fiscal.
Total income was nearly flat at ₹ 4,756.88 crore for December quarter of 2018-19, as against ₹4,755.33 crore in the same period of 2017-18.
On the asset front, the bank witnessed rise in its gross non-performing assets (NPAs) at 17.81 per cent of the gross advances as at December-end 2018, as against 14.38 per cent by December 2017.
In value terms, gross NPAs or bad loans stood at ₹ 28,218.79 crore, higher than ₹ 23,260.81 crore a year ago.
However, the net NPAs were brought down to 7.70 per cent (₹ 10,865.26 crore) from 8.97 per cent (₹13,646.52 crore).
The provisions for bad loans also reduced to ₹ 1,900 crore for the reported quarter, as against ₹ 2,044.23 crore a year ago. The overall provisions and contingencies were at ₹1,495.34 crore, down from ₹ 2,413.46 crore.
For accounts under provisions of Insolvency and Bankruptcy Code (IBC), the bank is holding provision of ₹ 4,887.17 crore (75 per cent of total outstanding as on December 31, 2018, it said.
The non-performing loan provision coverage ratio of the bank stood at 69.64 per cent by end of December 2018.
Stock of Allahabad Bank closed at ₹ 42.35 on BSE, down 0.94 per cent from previous close.