Allahabad Bank net soars 55%

Allahabad Bank has reported a 55.36 per cent growth in net profit for the quarter ended March 31 at Rs 400.22 crore, against Rs 257.60 crore in the year-ago period.

On the back of an improvement in the yield on advances, the bank’s reported net interest margin for the fourth quarter improved by 23 bais points to 3.23 per cent.

On a sequential basis, however, net profit dropped 29 per cent from Rs 560 crore during the quarter ended December 31. Net interest income during the quarter was Rs 1,288 crore, against Rs 1,151 crore in the previous year.