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| J.P. Dua in Calcutta on Friday. Picture by Kishor Roy Chowdhury |
Calcutta, July 22: Allahabad Bank has reported a 20.45 per cent rise in net profit for the first quarter ended June 30, 2011 at Rs 418.13 crore against Rs 347.14 crore in the same period of the previous fiscal.
Operating profit surged to Rs 889.62 crore from Rs 704.58 crore in the first quarter of the previous fiscal, a growth of 26.26 per cent.
Net interest income during the quarter grew 38.24 per cent to Rs 1,175.55 crore from Rs 850.34 crore a year ago.
Total business grew 26.36 per cent to Rs 2,32,558 crore from Rs 1,84,038 crore in the same quarter a year ago.
Total deposits in the first quarter grew 23.54 per cent to Rs 1,33,818 crore.
J.P. Dua, the chairman and managing director of Allahabad Bank, said, “The total business of the bank grew 26.36 per cent, which is in line with our estimates. We have planned a 25 per cent growth in business at Rs 2,80,000 crore by the end of this fiscal.”
Net interest margin of the bank during the first quarter stood at 3.40 per cent against 3.10 per cent in the same period previous fiscal.
During the quarter, gross NPA to gross advances reduced to 1.62 per cent compared with 1.74 per cent, while net NPA to net advances reduced to 0.60 per cent from 0.79 per cent in the corresponding quarter of the previous fiscal. “During the quarter, we had a healthy recovery of NPA of Rs 250 crore,” said Dua.
Fee-based income surged 21.5 per cent to Rs 207 crore from Rs 170.29 crore in the corresponding quarter of the previous fiscal.
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