Allahabad Bank reports net loss of Rs 12.64 bn in Q3 as bad loans rise

Provision for taxes and other contingencies rose by 169.32% to Rs 24.13 bn

Public sector lender Allahabad Bank posted a net loss of Rs 12.64 billion for the quarter ended December 31, 2017 as compared to a net profit of Rs 0.75 billion in the corresponding quarter of the previous fiscal year on account of higher provisions.

It's net interest income, which is the difference between interest earned and interest expended, grew by 13.83 per cent to Rs 13.47 billion during the quarter under review, as compared to Rs. 11.83 billion in same quarter last year. Other income, however, was down by 29.92 per cent at Rs. 5.12 billion as compared to Rs.