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| Allahabad Bank Q4 net dips 15% |
| BS Reporters / Kolkata/ Mumbai/ Bangalore May 01, 2010, 00:42 IST |
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Public sector lender Allahabad Bank has recorded a 15 per cent dip in net profit to Rs 224.50 crore for the quarter ended March 2010, as against Rs 264.08 crore in the same period last year.
The fall in net profit is due to a 75 per cent decline in treasury income and a 23 per cent rise in provisioning. The bank’s total provisioning for the quarter is Rs 433 crore, compared with Rs 350 crore in same period last year. The treasury income dropped to Rs 61 crore in the quarter, compared with Rs 241 crore in the year-ago period. The provision coverage ratio increased to nearly 79 per cent, as against 76 per cent last year.
“We have allotted Rs 298 crore for bad debts, Rs 136 crore for income tax and Rs 32 crore towards depreciation. Our aim is to strengthen the balance sheet,” said Chairman and Managing Director JP Dua.
IDBI Bank net profit flat
IDBI Bank has posted a flat growth in net profit at Rs 318.41 crore for the fourth quarter ended March 31, as against Rs 313.67 crore in the previous comparable quarter on higher provisions for items like standard assets.The total income of the bank rose to Rs 4,628.45 crore for the quarter, compared with Rs 3,734.50 crore in the year-ago period, Chairman and Managing Director Yogesh Agarwal said today.
The bank has recommended a dividend of Rs 3 per share (face value each of Rs 10) for 2009-10. Provisions in the reporting quarter stood at Rs 52.24 crore, compared with Rs 11.16 crore last year.
For the year ended March 2010, the bank has posted a net profit of Rs 1,031.13 crore, compared to Rs 858.54 crore last year. Its total income for the year was Rs 17,563.59 crore, compared with Rs 13,021.55 crore last year.
Vijaya Bank net rises 28%
Bangalore-based Vijaya Bank recorded a 28 per cent rise in net profit to Rs 130.92 crore for the quarter ended March. A fall in cost of deposits pushed the bank’s bottom line.
However, its total income came down by 6.8 per cent to Rs 1,511.67 crore in the quarter, mainly due to a fall of 57 per cent in trading income at Rs 64 crore from the year-ago period.
“Despite a decline in investment, our net profit has seen a decent rise and we are hopeful of maintaining it,” Chairman and Managing Director Albert Tauro said.
The operating profit saw a marginal rise of 0.28 per cent to Rs 314.37 crore in the quarter. However, net interest income recorded a dip of 10 per cent to Rs 1,217.86 crore. Its net interest margin increased by 44 basis points to 2.73 per cent in the quarter.
IFCI net jumps 70%
IFCI reported a 70 per cent jump in net profit to Rs 243.33 crore for the quarter ended March 31, compared with Rs 142.54 crore a year ago.
Its total income grew 46 per cent to Rs 540.45 crore in the quarter, from Rs 369.58 crore in the year-ago period. For the full year ended March, the company reported a two per cent growth in net profit at Rs 670.94 crore, from Rs 657.15 crore in the previous year.
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