State-owned lender Allahabad Bank on Monday reported its standalone net profit after tax (PAT) at Rs 75.26 crore in the third quarter ended December 31, 2016, mainly on account of significant reduction in provisioning for bad loans.
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The bank had posted a standalone net loss of Rs 486.14 crore during the corresponding quarter of previous fiscal, Allahabad Bank said in a filing to the Bombay Stock Exchange on February 13, 2017.
Total income of the bank, however, witnessed a marginal decline of 0.1 per cent to Rs 5,025.13 crore in Q3 FY17 from Rs 5,030.19 crore in Q3 FY16. During the quarter, provisions (other than tax) and contingencies increased to Rs 896.13 crore from Rs 814.40 crore in previous quarter and decreased from Rs 1,208.15 crore in corresponding quarter of last fiscal. NII, the difference between interest earned on loans and interest paid on deposits, fell 16.4 per cent at Rs 1,183.31 crore versus Rs 1,416.22 crore in the year-ago period.
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