2017-07-03 :Allahabad Bank revises interest rate on home loans
Public sector lender, Allahabad Bank has revised its home loan interest rates. For loans upto Rs. 75 lakh, the rates have been revised to 8.5 per cent from 8.65 per cent earlier and for home loans above Rs. 75 lakh, the rates have been reduced to 8.6 per cent as compared with 8.75 per cent earlier. The interest rate for loans between Rs. 3 crore and Rs. 5 crore will be 8.85 per cent while it will be 9 per cent for home loans above Rs. 5 crore. The new home loan interest rates are effective from 1st July, 2017.
2017-06-12 :Allahabad Bank reduces MCLR by 15 bps
Allahabad Bank has slashed its marginal cost of funds based lending rate (MCLR) by 15 bps. For overnight, the new MCLR will be 8 per cent, while for one month and three months maturities new MCLR will be priced at 8.10 per cent and 8.30 per cent, respectively and for six months and one year, the new MCLR are set at 8.40 per cent and 8.50 per cent, respectively. The new rates are effective from 12th June, 2017.
2017-05-18 :Allahabad Bank posts net profit of Rs.111 crore
Allahabad Bank has posted a net profit of Rs. 111 crore for the fourth quarter of FY17, despite registering higher NPAs. The increase in bank’s profit is due to reduction in provisions for bad loans. Bank further notifies that it is targeting toward lending to the small sectors rather than the corporate sectors.
2016-06-06 :Allahabad Bank gains most from revaluation of real estate assets
As per the latest results, Allahabad Bank has turned out to be the biggest gainer with addition of around Rs 1802 crore from its revalued commercial and residential real estate investments. The bank owns several expansive properties in the central business districts of Kolkata. UCO Bank credited nearly Rs 1,737 crore as gains from revaluation of real estate investments. In the case of United Bank of India, the revaluation gain was vetted at Rs 347 crore at the end of FY16.
2016-05-13 :Allahabad Bank posts Q4FY16 net loss of Rs 581 cr
As per the results of Q4FY16, Allahabad Bank reported a net loss of Rs.581.13 Crore as the bank had to provide for higher provisions for bad loans and taxes. The loss was registered due to a tax write-back of Rs.1,032.77 crore in the March quarter, compared with a tax expense of Rs.175.05 crore in the year ago period. Asset Quality showed signs of deterioration during the March quarter as Gross NPAs were 9.76 percent as on quarter ending 31st March 2016 as compared with 6.4 percent in the previous quarter. Net NPAs were at 6.76 percent in the March quarter against 4.23 percent in the previous quarter and 3.99 percent in the same quarter last year. Provisions and contingencies also increased by 294 percent to Rs.2,487.15 crore when compared on yoy basis.The Net interest income (NII) declined by 12.5 percent to Rs.1,273.70 Crore when compared on a yoy basis. Non Interest Income also reduced by 2 percent to Rs.554.73 Crore.
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