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Allahabad Bank June quarter profit rises threefold

Allahabad Bank June quarter profit rises threefold
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First Published: Mon, Jul 20 2009. 10 42 AM IST
Updated: Mon, Jul 20 2009. 10 42 AM IST
Kolkata:- State-run Allahabad Bank beat forecasts by posting an over threefold rise in April-June net profit on higher treasury and interest income.
Net profit for the quarter rose to Rs3.03 billion, up from Rs933.6 million a year ago. A Reuters poll of brokerages estimated profits at Rs2.07 billion.
The bank’s trading profit rose to Rs2.14 billion compared with Rs320 million in the same period last year, K R Kamath, chairman and managing director, told reporters at a press conference over the weekend.
The Kolkata-based bank’s June quarter net interest income rose 34.2% to Rs6.29 billion, while the net interest margin was around 3%, Kamath said.
It expects to maintain net interest margin at 2.88% in 2009/10, he said.
“We expected lower net interest margins because of benign interest rate regime, but now we hope to maintain interest margins at last year’s levels.”
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First Published: Mon, Jul 20 2009. 10 42 AM IST