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| Allahabad Bank profit up 56 per cent |
| BS Reporter / Kolkata May 06, 2009, 00:55 IST |
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Allahabad Bank has posted a 55.80 per cent increase in net profit to Rs 264.09 crore for the fourth quarter of the last fiscal, against Rs 169.51 crore during the corresponding quarter last year. The operating profit for the quarter was Rs 614.15 crore, up 66 per cent, against Rs 369.97crore a year ago.
However, for the financial year ended March 31, 2009, the bank reported a net profit of Rs 768.60 crore, a 21.15 per cent fall in profit over the the last fiscal, which was Rs 974.74 crore.
K R Kamath, chairman and managing director of the bank of the bank said, the rise in net profit in the Q4 was on account of about a 42 per cent increase in net interest income (NII) and about 45 per cent rise in non fund interest income in the quarter, as well as investment trading profit, which was Rs 244.58 crore for the quarter, against Rs 124.36 crore in the same quarter last year. "We have concentrated on the core operations. Our letter of credit and bank guarantee commission went up by 25 per cent. Processing fee also increased by about 65 per cent," said Kamath.
The net interest income for the bank in the quarter was Rs 592.50 crore, against Rs 415.69 crore in the corresponding period the previous fiscal, a rise of 42.54 per cent. The non-fund interest income (on commission and exchange) during Q4 of the last fiscal was Rs 207.50 crore, against Rs 142.50 crore in the same quarter of the fiscal 2007-08, an increase of 45 per cent.
The total provisioning in the fourth quarter by the bank was Rs 350.06 crore, against Rs 200.46 crore in the same quarter of the previous fiscal, about 74 per cent rise. In the fourth quarter of the last fiscal, the bank made provisioning of Rs 188 crore for non-performing assets (NPA), against Rs 70.86 crore in the same quarter in the fiscal 2007-08. The depreciation on investment in the quarter under consideration was Rs 23.03 crore, against Rs 85.55 crore in the same quarter in the fiscal 2007-08. The income tax and fringe benefit tax provisioning also increased to Rs 96.42 crore in the quarter ended March 2009, against Rs 24.41 crore in the same quarter last year.
The total income on commission and exchange, investment trading profit and other income was Rs 458.27 crore, against Rs 287.02 crore in the same quarter the previous fiscal, a rise of 59.66 per cent over the same period in the fiscal 2007-08. The total interest earned on advances, investments, CRR and inter banking lending and other operations was Rs 1,915 crore, a 13 per cent growth over the same quarter in 2007-08. The total income of the bank increased to Rs 2,373.38 crore for the quarter , up 19.86 per cent, from Rs 1,980.17 crore in the same quarter last year.
The net interest margin (NIM) improved to 2.97 per cent in the quarter under consideration, against 2.32 in the same period last year
Deposits grew by 18.65 per cent per cent at Rs 84,971 crore, against Rs 71,616 crore in the Q4 of the fiscal 2007-08.
Gross advances grew by 18.15 per cent at Rs 59,433 crore, against Rs 50,312 crore in corresponding quarter last year.
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