New Delhi: Allahabad Bank on Thursday said the government had infused ₹ 3,054 crore into the state-run lender.

“In terms of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the bank has received a communication from the Government of India, Ministry of Finance, Department of Financial Services regarding fresh capital infusion of ₹ 3054 crore towards contribution of the central government in the preferential allotment of equity shares (special securities/bonds) of the bank during financial year 2018-19, as government’s investment," Allahabad Bank said in a notification to the BSE.

The bank had posted a June-quarter loss of ₹ 1,944 crore against a profit of ₹ 28.8 crore a year ago. The interest earned by the bank during the first quarter stood at ₹ 4,600 crore, compared with ₹ 4,148 crore in the same period of the previous fiscal.

Provisions and contingencies rose to ₹ 2,763 crore during the April-June quarter, from ₹ 1,335 crore in the year-ago period. Provisions for non-performing assets (NPAs) during the quarter came in at ₹ 2,950 crore versus ₹ 1,687 crore a year ago. Gross NPAs stood at 15.97% of the total advances against 15.96% in the previous quarter, while net NPAs were at 7.32% against 8.04%.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed

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