Mumbai, Nov 13 (IANS) 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.
--IANS
rv/shs
(This story was auto-published from a syndicated feed. No part of the story has been edited by The Quint.)
(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)
0