Allahabad Bank surges 7% on strong Q2 earnings

Allahabad Bank has surged 7% to Rs 160 after reporting 21% year-on-year (y-o-y) increase in net profit at Rs 488 crore for Q2FY12 against Rs 403 crore for the corresponding quarter last year.

Net interest income grew 36% to Rs 1,318 crore on a y-o-y basis.

“Net interest margin (NIM) was 3.68% for the quarter ended September 30, as against 3.34% in the corresponding quarter of previous fiscal,” the public-sector bank said in a filing to the stock exchange.

The bank has planned for 25% growth in business to Rs 2.80 lakh crore and increase in the number of branches to 2,570 by March 2012.

 

The trading volumes on the counter surged, with a combined 3.8 million shares changing hands till 1434 hours, against an average sub-one million shares traded daily in the past two weeks.