Allahabad Bank has reported a net profit was` 28.84 crore in Q 1 FY 2017-18 against a loss of` 564.96 crore during Q 1 FY 2016-17. Operating profit of the Bank has surged by 20.97% in Q 1 FY 2017-18 year on year to`1170.32 crore as against` 967.44 crore in Q 1 FY 2016-17.
At the same time, it is reported that asset quality of the bank deteriorated in this quarter. Its gross NPA (Non Performing Assets) in absolute term rose by 9.5% y-o-y to` 21,032.42 crore from` 19,208.62 crore for the same quarters last fiscal.
Cost of Deposit has reduced to 5.49% in Q 1 FY 2017-18 as against 6.25%inQ 1 FY 2016-17. The bank has added 5 million new customers during the last 1 year. The Capital Adequacy Ratio of the bank has improved to 11.61% as on 30.06.2017 as against 10.58% as on 30.06.2016 as per Basel III norms. The Bank has opened a New FGM office at Allahabad for faster decision making. The bank has also introduced a New Product, All Bank Home Plus to cater to additional financial needs of existing Home Loan borrowers. Finally The Bank is focusing on SMARt (Small, Micro, Agriculture & Retail) loan for inclusive growth with capital conservation.