Allahahabad Bank posts loss, to raise Rs.1,500 crore debt and equity

Chennai, Feb 9 (IANS) Government-owned Allahabad Bank on Tuesday said it closed the third quarter of the current fiscal with a net loss.

In a regulatory filing in BSE, the bank said it has posted 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 quarter ended December 31, 2014.

The bank’s total income has decreased from Rs.5,386.79 crore for the quarter ended December 31, 2014 to Rs.5,030.19 crore for the quarter ended December 31, 2015. Its net non-performing assets (NPA) stood at Rs.6,307.54 crore as on December 31, 2015 up from Rs.5,577.78 crore as on 31.12.2014.

Meanwhile the bank’s board has approved raisng of capital through private placement of Basel III compliant tier-2 bods in the nature of debentures aggregating up to Rs.500 crore in one or more tranches during 2015-16.

It also approved raising of equity capital totalling up to Rs.1,000 crore including premium through preferential issue to the central government, Life Insurance Corporation of India and or other Indian financial institutions subject to necessary approvals.

On the BSE, the price of bank’s share closed at Rs.51 down from Rs.52.70, the closing price of Monday.

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