Allahabad Bank has successfully raised Additional Tier 1 (AT1) Capital of Bank through private placement of AT1 perpetual Bonds aggregating up to Rs 300.00 crore (including exercise of green shoe option of Rs 100.00 crore) at an annual coupon of 11.15% per annum, discovered through Electronic Bidding Mechanism of NSE (NSE EBP). Earlier, the board of directors at its meeting held on August 12, 2016 had approved to raise Additional Tier I capital of the Bank aggregating to Rs 1,000 crore through Private Placement.
The Bank has reported net profit of Rs 75.26 crore for the quarter ended December 31, 2016 as compared to net loss of Rs 486.14 crore for the same quarter in the previous year. However, total income of the Bank decreased marginally by 0.10% at Rs 5025.13 crore for the quarter under review as compared Rs 5030.19 crore for the corresponding quarter previous year.
The Bank’s gross NPA for the October-December quarter of the current fiscal increased to 12.51%, as compared to 6.40% in the same quarter of the previous year. Besides, Bank’s Net NPA stood at 8.65% in Q3FY17.