Allahabad Bank's standalone net loss at Rs.581.13 crore in Q4FY16 vs net profit of Rs. 202.63 crore yoy : Misses Estimates

India Infoline News Service | Mumbai |

The bank’s standalone NII stood at Rs. 1,273.70 crore, down 12.57% yoy and 10.06% qoq.

Allahabad Bank
Mid-sized PSU bank Allahabad Bank's standalone net loss widened to Rs.581.13 crore for the quarter ended March 31, 2016 compared to Rs. 486.14 crore in the preceding quarter. However, the bank had reported  net profit of Rs. 202.63 crore  in the corresponding quarter of the previous year . It's Net Interest Income (NII) for the quarter stood at Rs. 1,273.70 crore, declining 12.57% yoy and 10.06% qoq.
Gross non-performing assets (GNPA) for the quarter stood at 9.76% up 430 bps yoy and 336 bps qoq. Provisions at Rs.2,487.15crore were higher 294.09% yoy and 105.86% qoq.

For the year ended March 31, 2016, the bank reported net loss of Rs. 743.31 crore as compared to net profit of Rs. 620.90 crore in the corresponding period of the previous year. It's NII for the current period of Rs. 5,898.49 crore was down 4.52% yoy.

Provisions during the period at Rs. 5,253.19 crore were higher by 83.89% yoy.


For the year, the bank’s consolidated net loss of Rs. 719.84 crore for the year ended March 31, 2016 as compared to net profit of Rs. 649.02 crore for the year ended March 31, 2015. Total Income has decreased by 4.04% to Rs. 21006.81 crore for the year under review from Rs. 21891.53 crore for the year ended March 31, 2015.

Result Highlights: (Rs. in crore)

Reported Results IIFL Estimates Variance (%)
Standalone NII 1273.7 1591 -19.94
Standalone Net Profit -581.13 20 N/A

Bloomberg estimated the company’s standalone net profit at Rs. 255.33 crore.

Stock Commentary:

Allahabad Bank ended at Rs. 52.5, down by 0.9 points or 1.69% from its previous closing of Rs. 53.4 on the BSE.

The scrip opened at Rs. 53.1 and touched a high and low of Rs. 53.2 and Rs. 51.9 respectively. A total of 2620840(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 3277.71 crore.

The BSE group 'A' stock of face value Rs. 10 touched a 52 week high of Rs. 110 on 15-May-2015 and a 52 week low of Rs. 39.5 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs. 55.6 and Rs. 52.75 respectively.

The promoters holding in the company stood at 61.38 % while Institutions and Non-Institutions held 24.23 % and 14.39 % respectively.

The stock traded above its 200 DMA.



***Note: This is a NSE Chart

 

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