Riding on a higher net interest income, lower cost of borrowings and higher yields, Allahabad Bank posted 21 per cent rise in net profit at Rs 403 crore for the second quarter ended September 30, 2010, against Rs 334 crore during the corresponding quarter last year.
On a sequential basis, the net profit rose 16 per cent from Rs 347 crore during the first quarter ended June 30, 2010. The profit grew by 18 per cent at Rs 750 crore (Rs 636 crore) for the half year ended September.
The net interest income grew 60 per cent at Rs 969 crore, against Rs 604 crore during the corresponding period last year.
The net interest margin also improved at 3.34 per cent (2.84 per cent). The bank, however, posted about 17 per cent drop in other income at Rs 345 crore (Rs 405 crore) on account of the fall in gains from treasury operations.
The investment trading profit during the period under review was down at Rs 38 crore (Rs 168 crore).
The net non-performing assets increased marginally to 0.56 per cent (0.35 per cent). The bank's capital adequacy ratio was at 13.49 per cent as on September 2010.
Allahabad Bank aims to achieve 25 per cent growth in credit and deposits during this year. The bank's advances grew 37 per cent at Rs 83,183 crore (Rs 60,794 crore) and deposits 30 per cent at Rs 1, 13,633 crore (Rs 87,309 crore) during the quarter under review.
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