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Thursday, February 5, 2015

Allahabad Bank net profit halves to Rs. 164 cr

Net profit of public sector lender Allahabad Bank halved to nearly 164 crore for the third quarter (October-December) of this fiscal. It had reported a net profit of 325 crore during the corresponding quarter last year.

A slow growth in total income, operating profit along with increase in provisioning and tax expenses impacted the bottomline.

Operating profit saw a mere six per cent growth, while total income during the period grew 1.5 per cent to Rs. 5,387 crore.

Provisions for bad loans increased by nearly 15.6 percent year-on-year to Rs. 644 crore in the quarter ended December 2014. It stood at Rs. 557 crore during the year-ago period.

Interest earned during the quarter under review stood at Rs. 4,941 crore, a near 4 per cent rise, compared with Rs. 4,764 crore earned during the year-ago-period.

However, other income (non-interest income) declined by nearly 17.7 per cent to Rs. 446 crore from Rs. 542 crore.

Asset quality

Asset quality of the Kolkata-headquartered bank remained stable.

However, gross non-performing assets (NPA) stood at 5.46 per cent (Rs 8,012.42 crore) in Q3 of FY15. In the year-ago-period, it remained flat at 5.47 per cent.

Net NPAs, however, declined by 30 basis points year-on-year to 3.89 per cent in the third quarter of the current financial year 2014-15.

Capital adequacy ratio (as per Basel-III norms) of the bank was 10.02 per cent in Q3FY15 against 10.46 percent in the year-ago period.

Source : Thehindubusinessline


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