State-run Allahabad Bank on Tuesday reported widening of its net loss to Rs 1,986.26 crore for the third quarter ended December 31, 2019 as its provisioning for bad loans rose 1.5 times year-on-year. The lender had reported a net loss of Rs 732.81 crore in the same period a year ago.
The Kolkata-based bank, which is set to merge with Indian Bank, had reported a net loss of Rs 2,114.06 crore for the second quarter in the current fiscal.
The bank’s operating profit during the December quarter this fiscal witnessed a 16.74 per cent y-o-y rise to Rs 897.68 crore from Rs 768.97 crore in the corresponding quarter of the last fiscal. While net interest income (NII) fell by 4.37 per cent y-o-y at Rs 1,337.6 crore for the period under review, non-interest income jumped 20 per cent y-o-y at Rs 634.67 crore, according to a stock exchange filing. Net Interest Margin (NIM) stood at 2.56 per cent as on December 31, 2019. —FE
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