Allahabad Bank's Q2 net loss at Rs 1,823 crore on higher provisioning

Mumbai : 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.