Allahabad Bank FY06 net up 30%; payout 40%

Allahabad Bank has posted a 30.33% increase in net profit at Rs 706.13 crore in FY06 on the back of better asset management and lower cost of fund.

According to an official release issued today, the bank's operating profit during the year stood at Rs 1,024 crore, 9.68% higher than Rs 933 crore, a year ago.

Total income of the bank recorded 14.37% growth at Rs 4,373 crore in FY06. Net non-performing assets reduced to 0.84% as on March 31, 2006 as compared to  1.28%, on March 31, 2005.

In FY06, total business of the bank grew over 24.87% to Rs 78,561 crore from Rs 62,914 crore, last fiscal. Total deposits grew 18.98% to Rs 48,500 crore whereas advances grew 35.70% to Rs 30,061 crore. Capital adequacy ratio (CAR) of the bank as on March 31, 2006 stood at 13.37% as against 12.53% on March 31, 2005.