Allahabad Bank jumps after good Q2 earnings

Allahabad Bank jumped 11.18% to Rs 90 at 14:18 IST on BSE after net profit rose 17.76% to Rs 275.81 crore on 15.72% growth in total income to Rs 5303.06 crore in Q2 September 2013 over Q2 September 2012.

The Q2 result was announced during trading hours today, 31 October 2013.

Meanwhile, the S&P BSE Sensex was up 28.07 points or 0.13% at 21,062.04.

The stock spurted on heavy volumes. On BSE, 18.17 lakh shares were traded in the counter as against average daily volume of 3.32 lakh shares in the past one quarter.

The stock hit a high of Rs 90.80 and a low of Rs 80.05 so far during the day. The stock had hit a 52-week high of Rs 190.80 on 18 January 2013. The stock had hit a 52-week low of Rs 64.90 on 28 August 2013.

The stock had underperformed the market over the past one month till 30 October 2013, surging 6.65% compared with the Sensex's 8.54% rise. The scrip had, however, outperformed the market in past one quarter, jumping 15.48% as against Sensex's 8.71% rise.

The mid-cap bank has equity capital of Rs 500.03 crore. Face value per share is Rs 10.

Allahabad Bank's operating profit surged 43.78% to Rs 1154 crore in Q2 September 2013 over Q2 September 2012. Net interest income rose 11.49% to Rs 1309 crore. Net interest margin (NIM) stood at 2.75% in Q2 September 2013.

Allahabad Bank's ratio of gross non-performing assets (NPAs) to gross advances stood at 4.94% as on 30 September 2013 as against 4.78% as on 30 June 2013 and 2.95% as on 30 September 2012. The ratio of net NPAs to net advances stood at 3.83% as on 30 September 2013 as against 3.87% as on 30 June 2013 and 2.1% as on 30 September 2012.

The bank's Capital Adequacy Ratio (CAR) as on 30 September 2013 stood at 11.07%.

Provision coverage ratio as on 30 September 2013 works out to 45.99%.

The bank's total deposits grew 11.38% to Rs 180396 crore as on 30 September 2013 from Rs 161957 crore as on 30 September 2012.

Allahabad Bank plans to achieve Rs 360000 crore of total business by 31 March 2014. The bank intends to open 300 branches during 2013-14. The bank also plans to open 250 e-lobbies and 100 Cash Kiosks.

The Government of India (GoI) holds 55.24% stake in Allahabad Bank (as per the shareholding pattern as on 30 September 2013).

Powered by Capital Market - Live News