Weighed down by huge contingency plan, Allahabad Bank today reported 83 per cent fall in net profit at Rs 41.69 crore for the quarter ended September 30, 2008 when compared with Rs 239.79 crore in the corresponding period last year.
The bank set aside a sum of Rs 266.51 crore for provisions (other than tax) and contingencies in the second quarter of the current financial year as against Rs 31.81 crore in the comparable quarter last year.
For the said quarter, the public sector bank reported a net income of Rs 1977.20 crore as compared to Rs 1664.29 crore in the same period last year.
