Allahabad Bank has plunged 8% to Rs 96, the day’s lowest level on the NSE, after the bank said its gross non-performing assets (NPAs), as a percentage of total assets, increased to 5.73% in the March quarter from 5.47% at the end of December quarter.
Net NPAs, however, declined in the March quarter to 4.15%, down from 4.19% three months earlier, Allahabad Bank said in a statement.
Meanwhile, the state-owned bank has reported a 25% year-on-year (yoy) jump in net profit at Rs 158 crore for the quarter ended March 31, 2014 (Q4), on the back of higher interest income. The bank had posted a profit of Rs 126 crore in the same quarter last year.
Net interest income, the difference between interest earned and paid, grew 28% to Rs 1,353 crore as against Rs 1,056 crore in the corresponding quarter of previous fiscal.
The stock opened at Rs 105 and touched a high of Rs 106 before the announcement of results. A combined 17.55 million shares changed hands on the counter so far on the NSE and BSE.
Net NPAs, however, declined in the March quarter to 4.15%, down from 4.19% three months earlier, Allahabad Bank said in a statement.
Meanwhile, the state-owned bank has reported a 25% year-on-year (yoy) jump in net profit at Rs 158 crore for the quarter ended March 31, 2014 (Q4), on the back of higher interest income. The bank had posted a profit of Rs 126 crore in the same quarter last year.
Net interest income, the difference between interest earned and paid, grew 28% to Rs 1,353 crore as against Rs 1,056 crore in the corresponding quarter of previous fiscal.
The stock opened at Rs 105 and touched a high of Rs 106 before the announcement of results. A combined 17.55 million shares changed hands on the counter so far on the NSE and BSE.
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