Allahabad Bank posts net loss of Rs 733 core in Q3; NPA rises to 18%

The bank will seek further capital infusion from the government by March 2019

Bank posted a net loss of Rs 733 crore for the third quarter of the present financial year, against a net loss of Rs 1,264 crore in the same period of the last financial year. In Q2 of FY19, the net loss stood at Rs 1,822 crore.

The slippages of the bank the last quarter stood at Rs 2,450 crore, against the expectation of less than Rs 2,000 crore, said S S Mallikarjuna Rao, MD and CEO, Allahabad Bank.

About Rs 300 crore exposure in three accounts to IL&FS, turned into NPAs, he said. The bank has total exposure of about Rs