Kolkata: State-run Allahabad Bank on Wednesday reported a net loss of Rs.1, 263.79 crore for the quarter ended December 31, 2017, as compared to a net profit of Rs 75.26 crore in the year-ago period.
The net loss was due to a massive increase in provisions to cover rising bad loans.
During the third quarter this fiscal, the bank's provisions for non-performing assets rose over 150 per cent over last year to Rs 2,044.23 crore as against Rs 795.82 crore for the same period last fiscal.
Asset quality of the lender worsened further in the quarter under review as Gross non-performing assets in absolute term increased by 21.84 per cent to Rs 23,260.81 crore.
Gross NPA as a percentage of total loans rose to 14.38 per cent in the December quarter this fiscal from 12.51 per cent during the same period last fiscal.
In the quarter, net NPA ratio rose to 8.97 per cent from 8.65 per cent in the same period last fiscal.
The bank said that it has provided Rs. 575.91 crore up to December 31, 2017, in respect of nine accounts covered under provisions of the Insolvency and Bankruptcy Code (IBC).