NEW DELHI: Allahabad Bank on Friday reported widening of net loss to ₹3,834.07 crore during the fourth quarter of 2018-19 financial year due to mounting bad loans.
The public sector lender's net loss in the year-ago period stood at ₹3,509.63 crore.
However, total income during the March quarter of 2018-19 grew to ₹4,602.86 crore from ₹4,259.37 crore in the year-ago period, the bank said in a regulatory filing.
For entire 2018-19 financial year, the bank's net loss expanded to ₹8,457.38 crore from ₹4,574.22 crore in the previous year.
Total income during the last fiscal was down at ₹18,806.38 crore as against ₹19,487.51 crore a year ago.
The bank's gross non-performing assets (NPAs) shot up to 17.55% of gross advances by March 2019 from 15.96%by March 2018.
Net NPAs, however, were down at 5.22% from 8.04%.
In value terms, gross NPAs stood at ₹28,704.78 crore by end of the last fiscal as against ₹26,562.79 crore by 2017-18. Net bad loans were worth ₹7,419.31 crore as compared to ₹12,229.13 crore earlier.
The amount set aside for NPA provision was higher at ₹5,278.88 crore during the latest quarter as compared to ₹5,126 crore in the year-ago period.
"During 2018-19, 322 fraud cases were reported involving a total amount of ₹70.54 crore. Of these accounts, the bank has recovered a total amount of ₹13.68 crore and has written back provision of ₹8.53 crore during the quarter," the lender said.
On divergence in asset classification and provision for NPAs in compliance with the Risk Assessment Report (RAR) of RBI, Allahabad Bank said there was divergence of ₹1,128.70 crore in gross NPAs and ₹709.20 crore with regard to net NPAs.
The divergence in provisioning was ₹1,022.40 crore.
Non performing loan provision coverage ratio of the bank is 79.85%.
Stock of Allahabad Bank closed 0.90 per cent up at ₹45 on BSE.
