Allahabad Bank has inked a pact with Piaggio Vehicles to increase its commercial vehicle finance portfolio. The bank has signed a memorandum of understanding with Piaggio for the same on December 3, 2012. The MoU was signed by Trishna Guha, General Manager, Retail Credit, Allahabad Bank, and Praveen Nagpal, Vice-President, Piaggio.
The bank has reported a fall of 52.01% in its net profit at Rs 234.20 crore for second quarter ended September 30, 2012 as compared to Rs 488.02 crore for the same quarter in the previous year. However, total income of the bank has increased by 9.04% to Rs 4,582.64 crore for quarter under review as compared to Rs 4,202.64 crore for the quarter ended September 30, 2011.