SME Times News Bureau | 14 Nov, 2018
State-run Allahabad Bank on Tuesday posted a net loss of Rs 1,823 crore
for the quarter ended September 30 due to increase in provisioning for
non-performing assets and reduction in interest income.
The bank had posted a net profit of Rs 70 crore during the corresponding quarter of previous year.
The
bank's interest income in the quarter under review fell by about 4.5
per cent to Rs 4,000 crore from Rs 4,190 crore in the year-ago period.
The
lender said its total provision for bad assets went up to Rs 1,992
crore in the three months through September, against Rs 1,470 crore
during the corresponding quarter of previous year.
