Allahabad Bank Q3 net down 6% to Rs 345 cr

Public sector lender, Allahabad Bank today posted 6.52 per cent drop in net profit to Rs 345.37 crore for the quarter ended December 31, 2009 as compared to Rs 369.46 crore for the corresponding period last year mainly due to higher provisioning and lower other income.

Provisioning during the quarter went up to Rs 246.28 crore in the third quarter of the financial year as compared to Rs 102.97 crore in the corresponding period last year. Though the percentage of net non performing assets declined to 0. 32 per cent in the quarter ended December 2009 as compared to 0.82 per cent during the corresponding period last year.

Total Income has increased from Rs 2,306.45 crore for the quarter ended December 31, 2008 to Rs 2,447.28 crore for the corresponding quarter last year.

The capital adequacy ratio of the bank went up from 12.2 per cent in Oct-Dec 2008 to 15 per cent during the third quarter of the financial year.

Shares of the bank were trading at Rs 133.50 down 2.9 per cent from its previous close at Bombay Stock Exchange at 1:54 pm.