Allahabad Bank reports net profit of Rs 75 crore in Q3

Allahabad Bank on Monday reported net profit of Rs 75.26 crore in its third quarter ended December 31, 2016, compared to net loss of Rs 486.14 crore in the corresponding period of the previous year. 

On a sequential basis, the net profit has risen by 15.73%. 

Net interest income for the quarter stood at Rs 1183.31 crore, declining by 16.44% year-on-year (YoY) and 12.31% quarter-on-quarter (QoQ). 

Total income from operations was at Rs 5025.13 crore, dropping sequentially by 0.10% yoy and 0.52% qoq. 

This Q3, provisions made by Allahabad Bank stood at Rs 896.13 crore, which was down by 25.82% yoy but up by 10.03% qoq. 

Gross non-performing assets were at 12.51% of total advances, expanding 611 basis points yoy and 23 basis points qoq. 

On segment wise revenue break-up, corporate/wholesale banking business declined by 25.96% yoy to Rs 1580.03 crore. While retail banking contributed growth of 5.45% yoy at Rs 1675.80. 

Gains from treasury operations increased by 34.53% yoy to Rs 1646.83 crore. 

On BSE, the shares of Allahabad Bank tumbled by 1.69%, trading at Rs 72.65 per piece.