Allahabad Bank dips on weak Q2 earnings
The bank's grossNPA have increased to 2.95% from 1.77%, while Net NPA rose to 2.1% from 0.69% on y-o-y basis
Allahabad Bank has dipped 7% to Rs 129 after reporting 52% year-on-year fall in net profit at Rs 234 crore for the second quarter ended September 2012, due to lower interest income and higher provisioning for bad loans.Analyst on an average had estimated profit of Rs 454 crore from the state-owned bank.
"Net interest income (NII) has fallen 11% to Rs 1,174 crore from Rs 1,318 crore during the recently concluded quarter. The bank’s gross non performing assets (NPA) have increased to 2.95% from 1.77%, while Net NPA rose to 2.1% from 0.69% on y-o-y basis,” Allahabad Bank said in a statement.
During the quarter under review, the bank’s provisions against bad loans and other contingencies jumped 13% to Rs 464 crore against Rs 412 crore last year.
The stock opened at Rs 138 and hit a low of Rs 128 on the NSE. As many as a combined 6.58 million shares have changed hands on the counter so far.