Allahabad Bank posts huge loss

Chennai: Government owned Allahabad Bank closed last fiscal with a net loss of Rs.743.31 crore as compared to net profit of Rs.620.90 crore for the year ended March 31, 2015. In a regulatory filing in BSE the bank said its total income for the period under review came down to Rs.20,795.07 crore from Rs.21,712.13 crore earned for the year ended March 31, 2015. Last fiscal, the bank's provisions for bad loans shot up to Rs.5,253.19 crore from Rs.2856.66 crore the previous fiscal and its gross and net bad loans as on March 31 this year stood at Rs.15,384.57 crore and Rs.10,292.51 crore respectively. At the end of fiscal 2014-15, the bank's gross and net bad loans were at Rs.8,357.97 and Rs.5,978.88 crore respectively.