Allahabad Bank tumbles 15% on weak Q2 results

The stock tanked 15 per cent to Rs 35.40, trading close to its 52-week low of Rs 33.25 touched on October 9, 2018, in the intra-day trade on the BSE.

Shares of Allahabad Bank tanked 15 per cent to Rs 35.40 on BSE after reporting a net loss of Rs 18.23 billion in September quarter (Q2FY19), due to higher provisioning for bad loans and lower interest income. The state-owned bank posted net profit of Rs 702 million in the year-ago quarter. It reported a net loss of Rs 19.44 billion in June quarter.

Net interest income (NII) declined 8 per cent to Rs 11.51 billion in Q2FY19 from Rs 12.54 billion in the corresponding quarter of previous fiscal. Provisioning for bad loans increased 36 per cent at Rs 19.92 billion