Allahabad Bank Q2 net up eight per cent

MD and chief executive officer Usha Ananthasubramanian said recovery of bad loans was the major focus area.

By: ENS Economic Bureau | Kolkata | Published:November 11, 2017 1:57 am
allahabad bank, q2 profit, allahabad bank scond quarter profit, 2018 fiscal, indian express MD and chief executive officer Usha Ananthasubramanian said recovery of bad loans was the major focus area.

Public sector lender Allahabad Bank on Friday reported close to 8 per cent year-on-year growth in its net profit to Rs 70.20 crore for the quarter ended September 30 from Rs 65.03 crore for the same period a year ago, buoyed by a strong growth in its operating profit, although its provisions to cover bad loans rose by more than two times.

The Kolkata-based bank’s asset quality worsened further in the September quarter this fiscal as its gross non-performing assets (NPAs) in absolute term rose 12.4 per cent y-o-y at Rs 21454.27 crore as compared with Rs 19094.53 crore in the corresponding period of last fiscal.

MD and chief executive officer Usha Ananthasubramanian said recovery of bad loans was the major focus area.

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