Allahabad Bank on Tuesday reported an over two-fold jump in standalone net loss for the December quarter at ₹1,986.26 crore on higher bad loans and provisioning.
The state-owned lender had reported a net loss of ₹733 crore in the corresponding October-December period of the previous fiscal.
Total income (standalone) during the quarter under review grew to ₹4,860.35 crore from ₹4,756.88 crore in the same period of 2018-19.
The bank's gross non-performing assets (NPAs) rose to 18.93 per cent of the gross advances by the end of the December quarter as against 17.81 per cent a year ago.
However, it was down sequentially from 19.05 per cent at the end of September 2019.
In value terms, the gross NPAs or bad loans rose to ₹32,149.92 crore from ₹28,218.79 crore a year ago.
Net NPAs, however, came down to 5.13 per cent ( ₹7,449.27 crore) from 7.70 per cent ( ₹10.865.26 crore), Allahabad Bank said.
Provisions for bad loans for the quarter increased to ₹3,003 crore from ₹1,900 crore a year ago, it said.
"The bank is carrying additional provision of ₹1,801.26 crore over and above the provisions required to be made in terms of prudential norms issued by RBI, to ensure compliance with the PCA norms of net NPAs," the bank said.
The losses on consolidated basis too widened to ₹1,980.82 crore for the quarter from ₹746.83 crore in the year ago period. Income was higher at ₹5,009.57 crore as against ₹4,896.75 crore.
As a relief to MSME borrowers registered under GST, the Kolkata-headquartered lender said as many as 667 such accounts were restructured for an outstanding amount of ₹348.13 crore.
For the accounts covered under the Insolvency and Bankruptcy Code (IBC), the bank is holding provision of ₹6,292.47 crore (100 per cent of total outstanding as on December 31, 2019).
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