Allahabad Bank has posted a net profit of Rs. 28.84 crore for the quarter ended June 30, 2017, against a net loss of Rs. 565 crore during the same period last year.
According to Usha Ananthasubramanian, Managing Director and Chief Executive Officer, Allahabad Bank, deposits cost has been reduced by 76 basis points to 5.49 per cent.
“We had taken a conscious decision of shedding our bulk deposits and create a stable and consistent deposit portfolio,” she said at a press conference to discuss the bank’s performance here on Friday.
High cost of bulk deposits, which were close to Rs. 33,000 crore as on June 2016, have been brought down to Rs. 5,500 crore during the April-June 2017 quarter.
The bank shares were trading down by 2.74 per cent at Rs. 63.95 on the BSE.