Allahabad Bank Q4 profit up 15 pct

Mumbai: Public sector lender Allahabad Bank reported a 14.7 per cent increase in net profit to Rs 257.6 crore for the fourth quarter ended March, 2011, compared to Rs 224.5 crore in the corresponding year-ago period.

Total income rose to Rs 3,588.6 crore during the January-March period of FY'11 from Rs 2,608.6 crore in the same period a year ago, Allahabad Bank said in a filing to the Bombay Stock Exchange.

The board of the bank has recommended a dividend of 60 per cent, or Rs 6 per share, for the 2010-11 financial year, it said.

For the full financial year ended March 31, 2011, the Kolkata-based lender posted a net profit of Rs 1,423.1 crore, up 17.9 per cent from Rs 1,206.3 crore last fiscal.

The bank's total income during 2010-11 rose to Rs 12,385.1 crore from Rs 9,885.1 crore last fiscal.

On a consolidated basis, the bank's profit rose by Rs 1,439.5 crore from Rs 1,228.4 crore for the year ended March 31, 2010.

Source: Financial Express