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Govt pumps Rs 3054 cr into Allahabad Bank

Govt pumps Rs 3054 cr into Allahabad Bank
Govt pumps Rs 3054 cr into Allahabad Bank - pumps, allahabad

Allahabad Bank’s gross NPAs stood at 15.97% of the total advances in the June quarter, against 15.96% in the previous quarter. Photo: Mint

New Delhi: Allahabad Bank on Thursday said the government had infused Rs 3,054 crore into the state-run lender.

“In terms of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the bank has received a communication from the Government of India, Ministry of Finance, Department of Financial Services regarding fresh capital infusion of Rs 3054 crore towards contribution of the central government in the preferential allotment of equity shares (special securities/bonds) of the bank during financial year 2018-19, as government’s investment,” Allahabad Bank said in a notification to the BSE.

The bank had posted a June-quarter loss of Rs 1,944 crore against a profit of Rs 28.8 crore a year ago. The interest earned by the bank during the first quarter stood at Rs 4,600 crore, compared with Rs 4,148 crore in the same period of the previous fiscal.

Provisions and contingencies rose to Rs 2,763 crore during the April-June quarter, from Rs 1,335 crore in the year-ago period. Provisions for non-performing assets (NPAs) during the quarter came in at Rs 2,950 crore versus Rs 1,687 crore a year ago. Gross NPAs stood at 15.97% of the total advances against 15.96% in the previous quarter, while net NPAs were at 7.32% against 8.04%.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed

First Published: Thu, Nov 08 2018. 02 57 PM IST
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