Allahabad Bank Q1 net rises 14.6% at Rs 347 cr

State-run Allahabad Bank today posted a 14.6 per cent increase in net profit at Rs 347.1 crore for the first quarter ended June 30, 2010.

The bank had a net profit of Rs 302.8 crore during the same quarter a year ago.

Total income of the bank rose by 13.6 per cent to Rs 2,701.6 crore during the quarter, compared to Rs 2,377.6 crore during the same period corresponding fiscal, Allahabad Bank said in a filing to the Bombay Stock Exchange (BSE).

During the quarter interest earned including treasury income rose to Rs 2,403.1 compared to Rs 2,008.1 crore in the same period a year ago.

However, the gross non-performance assets (NPAs) as a proportion of advances went up to 1.79 per cent compared to 1.5 per cent in the same quarter a year ago. In absolute terms, the gross NPA stood at Rs 1,139.3 crore compared to Rs 1,093 crore in the same quarter previous year.
    
At the same time, net NPA also increased to 0.37 per cent of at the advances to Rs 219.7 crore.
    
Capital adequacy of the bank as at the end of June as per the Basel-II norms was 13.5 per cent.
    
Shares of Allahabad Bank were trading at Rs 184.75 on the BSE, higher 3.65 per cent from its previous close.