Natco Pharma net profit jumps 96.64% to Rs 93.7 crore in Q1

The bank had reported a net loss of Rs 741.36 crore in the April June quarter of previous fiscal

The company had posted a net profit of Rs 378.72 crore in the same period of previous fiscal.

"We focused on better recoveries, upgradation and prevention of slippages during the quarter and it helped us".

Declaring the financial performance, the banks Managing Director and CEO N Kamakodi said the bank clocked a decent performance and "overall it has been a decent quarter".

According to Usha Ananthasubramanian, Managing Director and CEO of Allahabad Bank, fresh slippages came down to ₹2,004 crore during the first quarter ended June 30, 2017, from ₹4,971 crore in the corresponding period past year.

"Net profits of the bank went up by 14 per cent". NPAs were lower by 2 per cent quarter-on-quarter while net NPA dropped 3.7 per cent to Rs24,370 crore in Q1FY18.

Net interest margin declined to 2.35 per cent (2.69 per cent).

Of the 12 large stressed accounts that RBI has asked banks to refer to NCLT under the Insolvency and Bankruptcy Code for resolution, the bank has exposure to 11 accounts worth Rs 7,400 crore.

The state-run lender had reported a loss of Rs741 crore in the year-ago quarter.

As of June 30, 2017, the provisional coverage ratio stood at 62 per cent, he said. "About 80 per cent of deposits can be taken as ceiling limit for using the credit card", he said.

CASA deposits grew by 25.2 per cent year-on-year and its share in domestic deposits improved to 39.12 per cent from 35.33 per cent a year ago. Quarter-on-quarter, it slumped 53 per cent from Rs4,736.21 crore. The bank has kept a recovery and upgrade target of Rs 4,000 crore in this fiscal. On the other hand, the bank's advances for the quarter rose 27.37 percent to Rs 18.04 trillion from a year ago.

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