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Allahabad Bank posts net profit in Q1 at Rs 29 crore

Press Trust of India  |  Kolkata 

clocked a net profit of Rs 28.84 crore in the first quarter of the current fiscal as against a loss of Rs 564.96 crore in the previous similar period.

MD and CEO of Bank, Ananthasubramaniam said that operating profit of the increased 21 per cent at Rs 1170 crore as compared to Rs 967.44 crore during the previous similar quarter.

The bank, she said, had been able to bring down the cost of by increasing the percentage of CASA in the overall deposit base.

"We are shedding bulk in a big way and that is helping us to reduce the cost of funds," she told reporters here today.

Total business of the stood at Rs 3.53 lakh crore, out of which overseas operations contributed Rs 14,444 crore, she said.

During the quarter, fresh slippages were Rs 2004 crore and and provisioning made was Rs 1141 crore.

Gross NPA and net NPA of the bank stood respectively at 13.85 per cent and 8.96 per cent, she said.

Net interest margin (NIM) of the bank stood at 2.35 per cent during the quarter, lower that 2.69 per cent in the previous similar period.

"Given the market conditions, NIM of 2.35 per cent can be considered to be stable", she said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, August 11 2017. 15:32 IST