Allahabad Bank Q2 Net Profit dips 63% to Rs 65 Crore

Kolkata-based Allahabad Bank registered a net profit of approximately Rs 65 crore in the 2nd quarter of FY17, as compared to a net profit of about Rs 177 crore in the corresponding period last year, noting a dip of around 63 per cent. In the first quarter of FY17, the bank had clocked a loss of around Rs 565 crore.

The bank's non-performing assets (NPA) rose sharply in the last quarter, since gross NPA grew to Rs 19,094.53 crore in the last quarter, as compared to Rs 7,985.75 crore in the same period of FY16, an increase of almost 139 per cent. In terms of percentage, the gross NPA grew to 12.28 per cent in Q2 of FY17, versus 5.26 per cent in Q2 of FY16. The net NPA of the bank is seen at 8.59 per cent in the last quarter, versus 3.61 per cent in the same period last financial year. Nonetheless, in comparison to the Q1 of FY17, both gross and net NPA hinted a marginal improvement in the last quarter. The bank's gross NPA stood at 12.33 per cent in Q1 and net NPA was 8.69 per cent.

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The bank's total provisions (other than tax) and contingencies for the previous quarter stood at around Rs 814 crore, against Rs 703 crore in the same period last financial year, an increase of around 16 per cent.

The capital adequacy ratio of the bank in the last quarter stood at 10.49 per cent, as compared to 10.35 per cent in the same quarter of FY16. As on 7^th Nov, Allahabad Bank share price is quoting below 2 per cent at Rs. 71.15. The stock opened at Rs. 73 against its previous closing at Rs .72.20. Allahabad Bank is one of the top 500 performing stocks for this quarter as identified by Dynamic Levels.