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Allahabad Bank gets nod to raise Rs 418 crore

Allahabad Bank gets nod to raise Rs 418 crore

Allahabad Bank has received its board’s approval for raising of equity capital aggregating up-to Rs 418.00 crore including premium by way of preferential allotment of equity shares to Government of India (President of India) against their capital contribution in the Bank.

The Bank has reported net profit of Rs 75.26 crore for the quarter ended December 31, 2016 as compared to net loss of Rs 486.14 crore for the same quarter in the previous year. However, total income of the Bank decreased marginally by 0.10% at Rs 5025.13 crore for the quarter under review as compared Rs 5030.19 crore for the corresponding quarter previous year.

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