Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / Allahabad Bank net profit up 4.6% at `325.37 crore
BackBack

Allahabad Bank net profit up 4.6% at `325.37 crore

During the Dec quarter, loans worth `1,461 crore turned sticky, said bank's chairman and managing director

The bank’s shares plunged 8.5% to close at `79.50 each on BSE, while the Sensex lost 2%. Photo: Preetha K./MintPremium
The bank’s shares plunged 8.5% to close at `79.50 each on BSE, while the Sensex lost 2%. Photo: Preetha K./Mint

Kolkata: Allahabad Bank’s net profit grew a modest 4.6% in the December quarter despite a 17.44% gain in operating profit because of a sharp jump in provisions towards bad loans.

The bank’s shares plunged 8.5% to close at 79.50 each on BSE, while the Sensex lost 2%.

The Kolkata-based lender earned 325.37 crore in net profit in the three months to 31 December, compared with 310.83 crore in the same period last year. During the quarter, loans worth 1,461 crore turned sticky, said Subhalakshmi Panse, the bank’s chairman and managing director.

Total provisions rose 24.6% year-on-year to 684 crore, as net non-performing assets increased from 2.06% a year ago and 3.83% in the September quarter to 4.19%.

The bank’s total income jumped 10.9% over last year to 5,307 crore, but net interest margin contracted from 3.02% a year ago to 2.75% in the December quarter.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 27 Jan 2014, 04:59 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie