Allahabad Bank corrects after Q4 results

Allahabad Bank fell 6.24% to Rs 97.60 at 14:13 IST on BSE on profit booking after the company announced Q4 March 2014 results.

The bank announced the result during trading hours today, 7 May 2014.

Meanwhile, the BSE Sensex was down 116.64 points, or 0.52%, to 22,391.78.

On BSE, so far 16.30 lakh shares were traded in the counter, compared with an average volume of 3.21 lakh shares in the past one quarter.

The stock hit a high of Rs 105.80 and a low of Rs 97.25 so far during the day. The stock hit a 52-week high of Rs 133.85 on 7 May 2013. The stock hit a 52-week low of Rs 64.90 on 28 August 2013.

Shares of Allahabad Bank surged 13.71% in the preceding 11 trading sessions to Rs 104.10 on 6 May 2014, from a recent low of Rs 91.55 on 16 April 2014.

The stock had outperformed the market over the past one month till 6 May 2014, rising 12.30% compared with the Sensex's 0.67% rise. The scrip had also outperformed the market in past one quarter, rising 35.19% as against Sensex's 10.82% rise.

The mid-cap company has an equity capital of Rs 544.61 crore. Face value per share is Rs 10.

Allahabad Bank's net profit rose 25.05% to Rs 157.75 crore on 9.65% increase in total income to Rs 5237.68 crore in Q4 March 2014 over Q4 March 2013.

Net profit fell 1.11% to Rs 1172.02 crore on 10.57% increase in total income to Rs 20912.43 crore in the year ended March 2014 over the year ended March 2013.

Allahabad Bank's ratio of net non-performing assets to net advances stood at 4.15% as on 31 March 2014, compared with 4.19% as on 31 December 2013 and 3.19% as on 31 March 2013.

The bank's ratio of gross non-performing assets (NPA) to gross advances stood at 5.73% as on 31 March 2014, compared with 5.47% as on 31 December 2013 and 3.92% as on 31 March 2013.

Provisions and contingencies rose 2.70% to Rs 639.31 crore in Q4 March 2014 over Q4 March 2013.

The bank's Capital Adequacy Ratio (CAR) as per Basel II norms stood at 9.96% as on 31 March 2014, compared with 10.46% as on 31 December 2013.

In accordance with Reserve Bank of India Notification dated 20 December 2013, Allahabad Bank has provided Deferred Tax Liability (DTL) of Rs 88.71 crore on account of Special Reserve created under section 36(1)(vm) of the income Tax Act, 1961 for the financial year 2013-14 (Rs 24.98 Crore for the quarter ended 31 March 2014) through Profit & Loss Account. Further, in terms of aforesaid notification Deferred Tax Liability (DTL) of Rs 301.71 crore for the, Special Reserve created up to 31 March 2013, has been made directly from revenue reserve.

Minimum Alternate Tax (MAT) Credit has been recognized as an asset to the extent of Rs 192.13 crore as MAT Credit Entitlement under 115JAA of the income Tax Act, 1961, the bank said in a statement.

Government of India holds 58.90% stake in Allahabad Bank (as on 31 March 2014).

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