Government to infuse capital funds of Rs 690 crore in Allahabad Bank

The Government of India (GoI) has decided to infuse capital funds to the tune of Rs 690 crore in Allahabad Bank by way of preferential allotment of equity in favour of GoI. The bank is taking the necessary step in this regards.

The bank has reported a net loss of Rs 486.14 crore for the quarter ended December 31, 2015 as compared to net profit of Rs 164.11 crore for the same quarter in the previous year. The bank’s total income has decreased by 6.62% to Rs 5030.19 crore for the quarter under review from Rs 5386.79 crore for the corresponding quarter of the previous year.

Gross non-performing assets (NPAs) increased to 6.40% in the October- December quarter as against 5.46% in the same quarter previous year, while net NPAs stood at 4.23%.